Reddit, the popular social platform, has recently released its third generation Non-Fungible Token (NFT) collection, with thousands of tokens from more than 100 artists. The collection, themed ‘future realities’, features collectible avatars of "Snoo", the mascot of Reddit and can be purchased with fiat currency. These avatars have a degree of interoperability, which in turn provides the artists with the opportunity to receive royalties from future sales.

The launch of the Gen3 collection created immense demand, wherein the Reddit's shop for the avatars crashed down due to the lack of anti-bot measures. Chris Torres, creator of the iconic “Nyan Cat” Meme, was one of the featured artists in the collection and expressed delight when he saw his NFTs trend on OpenSea. As per data provided by the blockchain analytics platform Dune Analytics, the Gen3 collection has recorded nearly $585,000 in sales volume, with over 7.4 million unique holders across all the Reddit-based collections.

The immense success of the Gen3 collection follows the launch of the NFT marketplace on digital wallet Vault in July. After its launch, 2.5 million users opened wallets within the platform, with the Gen3 collection performing spectacularly. The success of the collection provided evidence that Reddit is fast emerging as a major NFT marketplace. This has resulted in numerous other budding NFT platforms to draw inspiration from the “baked-in” user base of the social media platform and develop a community-minded approach to make their offerings successful.



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