The third generation of Reddit NFTs, or digital collectibles, as the platform prefers to call them, will debut on April 10. The social discussion platform launched its first NFTs last August, which sold out in record time. These digital collectibles, called Reddit avatars, can be used on the website by collectors to represent their digital identities.
Reddit prefers to use the name ‘digital collectibles’ instead of NFT, given the negative connotation surrounding the term. The platform deployed the smart contract for Gen 3 avatars on Polygon on April 5, with minting expected to begin five days later.
Gen 3 when? Gen 3 then. #RedditCollectibleshttps://t.co/QKt2mZ6CZ0
—Reddit (@Reddit) April 4, 2023
The news generated mixed reactions within the Reddit NFT community. While some were looking forward to the next drop, predicting it would sell out in minutes, others, on the other hand, were critical, feeling that the size of the collection is becoming too large, saturating its value.
So far, there are over 10.6 million Reddit avatars with over 7.3 million unique headlines, for a total market capitalization of over $74.5 million.
Sustained interest in Reddit avatars
The first two generations of their digital collectibles sold out quickly, forcing many interested collectors to seek them out in secondary markets. Despite the growing size of the Reddit 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 1,820 ETH, which roughly translates to over $3.3 million at press time. Furthermore, the huge market capitalization and the number of unique holders are another clear indication of interest in NFTs.
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*All investment/financial opinions expressed by NFT Plazas come from the personal research and experience of our site moderators and are intended for educational purposes only. People are required to fully research any product before making any type of investment.
Basil is an avid fan of blockchain technology and all its innovations, and he is passionate about sharing this narrative with his audience. He has spent over five years in the crypto space, specializing in research and creating Web3 content for various media outlets around the world.
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