Reddit recently launched their third generation of blockchain-based digital collectibles called “Reddit Avatars” on the Polygon blockchain. This generated a lot of buzz in the community, with some predicting that the drop could be sold out within minutes. Meanwhile, many praised Reddit for their marketing efforts in changing the narrative and converting anti-NFT users to more neutral or pro-NFT. After the second generation of avatars, the NFT trading volume on Reddit has surged. On October 24th, it hit an all-time high in terms of trading volume with wallet holders closing in on 3 million and $1.5 million in sales in 24 hours. This made the collection reach the top 10 in OpenSea for most sales within the week.

The first generation of avatars was initially made available in July 2022, primarily meant to empower artists to create and sell their work. In August 2022, these avatars were made accessible to users, resulting in thousands of dollars in artist sales. It is also possible to set purchased collectibles as avatars on Reddit’s website.

It is evident that Reddit’s NFT drop is a great way of leveraging the power of blockchain to empower users and boost engagement among the community. Moreover, it furthers the progress of NFTs in the art world, allowing artists to monetize their work and provides users with the opportunity to own digital assets that can only be used exclusively by them. Furthermore, the actual purchase process for the avatars is convenient and effortless for the user. While the third generation of avatars is likely to be sold out quickly, the artist sales and the engagement levels among the community shall increase in the long run.



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