Reddit announced its third-generation digital collectibles to mixed reviews this week. Some community members applauded the release and others expressed frustration with the news. What happened to the newest Reddit NFTs?
Image Credit: Reddit
What happened to the newest Reddit NFTs?
The Reddit community is known for disagreeing with each other. So it’s no surprise that some people were upset by the introduction of the platform’s newest round of digital collectibles, dubbed “Reddit Avatars.”
Critics of the move pointed to the size of the project’s 10.6m collection as a potential problem. There are only 7.3 million unique holders of the collection, and many detractors feel the project is already too big. These people fear that the increased supply will dilute the value of collectors’ properties. Furthermore, they believe that NFTs are still in a bear market and see no reason to inflate supply.
Fans of the decision point to the demand for older generations as a good reason to go ahead with the plan. The first two generations sold out quickly and many fans of the iconic website were forced to buy in high school. In the last 90 days, all 60 different Reddit NFT collections saw a Volume of 1,820 ETH blisters. Many reasoned that this volume shows that there is still a lot of demand for Reddit avatars.
Image Credit: The Verge
What do we know about Reddit NFTs?
Reddit partnered with Layer 2 blockchain Polgyon to create a marketplace for digital collections in August 2022. Reddit users were given the opportunity to purchase avatars that they could use to represent their digital identities on the website. The movement was a success, and the initial collection of 40,000 pieces sold out quickly. The combined market capitalization of the collection is approximately $74 million and the highest minimum price of the collection stands at 1.05 ETH.
Will third-gen Reddit avatars be a hit? They drop on April 10, so we’ll soon find out one way or another.
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