Reddit Launches Gen 3 Avatar NFT Collection on Polygon

‍Reddit is set to release its third-generation NFTs on April 10th, according to recent reports. The social media platform's Reddit Avatar NFTs will be deployed on the Polygon blockchain, and Redditors are already expressing excitement for the new collection.

The Avatar NFTs were first introduced in July of 2022, and they generated thousands of dollars in sales for artists and creators in August of the same year. Since then, over five million collectible avatars have been minted, with almost as many users holding Reddit NFTs in their Vault crypto wallet.

Despite some users expressing concerns about the growing size of the Reddit NFT collection, market data shows sustained interest in the tokens. Over the past three months, 60 different Reddit NFT collections have amassed a trading volume of 1820 ETH, or roughly $3.3 million.

Reddit prefers to refer to its digital collections as "digital collectibles" rather than NFTs, given the negative connotation surrounding the term. The platform's smart contract for the Gen 3 avatars was deployed on Polygon on April 5th, with minting expected to begin on April 10th.

Redditors can purchase the new avatars on Vault, Reddit's own crypto wallet. When Avatar NFT holders create content on Reddit, they can display their avatars alongside it. Reddit NFTs are also available to trade on secondary markets.

Despite some skepticism from within the Reddit NFT community, it seems likely that the Gen 3 avatars will be highly sought after by collectors, as previous generations have sold out quickly. It remains to be seen whether Reddit's latest NFT release will be as successful as its previous collections.

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