The introduction of non-fungible token (NFT) avatars in July 2022 was aimed at providing artists with a platform to produce and market their creations. The avatars that were released in August 2022 resulted in generating a substantial amount of revenue for the artists. Customers who bought a collectible item were also given the opportunity to utilize it as their avatar on Reddit.
The delivery of the highly anticipated Gen 3 avatars on the Polygon blockchain is currently being discussed by community members and collectors. Certain users predict that the avatars will be sold out within a few minutes, whereas others commend Reddit’s marketing and branding proficiencies.
According to a collector who was involved in gathering the initial and subsequent versions of avatars, the latest release has the potential to be sold out “in a matter of minutes.” Reddit’s marketing strategies have been commended by some users for successfully persuading individuals who were previously against NFTs to adopt a neutral or positive stance toward them.
Nonetheless, there are individuals who hold the belief that the product may not experience the projected rapid sales. The payment process has been subject to criticism by certain users who have described it as “cumbersome,” potentially dissuading potential buyers.
Notwithstanding the diverse responses, the trading volume of Reddit’s NFTs has escalated. A new record was set on October 24, 2022, as the trade volume of the collection exceeded $3 million for the first time ever. Within a span of 24 hours, the total volume surged to $1.5 million, which accounts for almost one-third of the entire volume of $4.1 million. The collection attained a position in the top 10 collections on OpenSea for the week with the highest sales, on October 26.
The recent launch of Reddit Avatars on the Polygon blockchain marks a significant achievement, as it has emerged as a favored platform for artists to market their creations and for collectors to obtain exclusive digital assets. The performance of the Gen 3 avatars on the Polygon blockchain is yet to be determined, despite the mixed reactions they have received upon their recent launch. The NFTs on Reddit have been a profitable market for creators and buyers. It is probable that the platform will persist in developing in this area.