Social news aggregation and discussion website, Reddit, has launched its third generation of blockchain-based digital collectibles, called “Reddit Avatars,” on the Polygon blockchain.
Reddit’s plans
The release follows the successful deployment of the first and second generations of these collectibles, generating thousands of dollars in sales for artists.
The latest version of these avatars, which was deployed on April 5, has generated considerable buzz, with some users predicting a sellout within minutes.
The nonfungible token (NFT) avatars were first introduced in July 2022, allowing artists to create and sell their work. Users who purchase these collectibles can also set them as avatars on Reddit’s website.
The avatars became available for sale in August 2022, resulting in an impressive trading volume that saw the collection reach a new all-time high in trade volume as wallet holders closed in on $3 million. In October 2022, the collection also made its way to the top 10 collections on OpenSea for the most sales in the week.
The latest release of Reddit Avatars on Polygon blockchain is expected to boost trading volumes further. The move has been hailed by many, with the company praised for its marketing and branding prowess.
The company has been successful in changing the narrative on NFTs, converting anti-NFT users to neutral and pro-NFT. The release is expected to empower artists on Reddit, allowing them to create and sell their work, while earning royalties from secondary sales.
A strong emphasis on empowering artists
One of the key objectives of Reddit’s avatar system is to empower artists that use the website. According to the company’s announcement, the company aims to achieve this goal by providing artists with a means to create and sell their work.
In addition, the company has stated that artists will be paid for every collectible avatar that is sold on Reddit, less any fees, and will also receive royalties from secondary sales of their Collectible Avatars on open marketplaces.
Also, the most recent edition of Reddit Avatars on the Polygon blockchain makes it possible to buy collectible avatars using the currency of the user’s country.
Once a collectible avatar has been purchased, it can be used as an avatar on Reddit. Owners of these collectibles will be eligible to receive unique benefits, while creators of collectible avatars will receive a percentage of future secondary sales.
Early access to a limited number of people
Though no official date was revealed for when the avatars would be available to the general public, the social media platform has offered first-look early access to a limited number of people who join the r/CollectibleAvatars community.
The company has stated that the new collection will be available where Reddit users normally build their avatars on the website.
In any case, the deployment of the third generation of Reddit Avatars on the Polygon blockchain is expected to boost trading volumes and empower artists on the platform.
The move underscores Reddit’s commitment to providing its users with the means to create and sell their work while earning royalties from secondary sales.
