Reddit Launches Contracts of Its Third-Generation NFTs "Reddit Avatars"

The popular online discussion platform Reddit has deployed the contracts of its third-generation blockchain-based digital collectibles, called "Reddit Avatars."

The contracts were launched on the Polygon blockchain, with many of its fans expecting the launch to happen next week.

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The deployment has sparked conversation among community members and collectors, who eagerly awaits the new release. Some collectors predict a rapid sellout, while others praised Reddit's marketing and branding strategy.

One collector of the first and second-generation avatars shared their excitement, predicting the latest release could sell out "within minutes." Meanwhile, others credited Reddit with successfully shifting the opinions about NFTs, making those who were previously anti-NFT into neutral or even pro-NFT supporters.

Despite the enthusiasm, some users expressed concerns that the release might not sell as quickly as expected due to a "cumbersome" payment process.

On April 3rd, one Reddit Avatar holder alleged that the sale of third-generation NFTs should start on April 10th. However, the official date is yet to be announced by Reddit itself.

First introduced in July 2022, Reddit's NFT avatars were designed to allow artists to create and sell their creations. Once users purchase a collectible, they can also set it as their avatar on the Reddit platform. These avatars were made available for sale in August 2022, generating significant income for the artists involved.

Trading volume for Reddit's NFTs has seen considerable growth recently. On October 24th, 2022, the collection achieved a new all-time high in trading volume, with wallet holders approaching $3 million.