Reddit is shutting down its Collectible Expressions feature. This feature allowed users to create animated expressions using their collectible avatar nfts. The change will go into effect on August 5, 2024. After this date, users will no longer be able to use Collectible Expressions on new comments, though they will still be able to see them on old comments.
What were collectible expressions?
Collectible Expressions were created from Reddit’s collectible avatars, which are nfts on the Polygon blockchain. When they were launched, these nfts quickly gained popularity. Polygon co-founder Sandeep Nailwal even suggested that Reddit had successfully cracked the nft code with this launch. The Collectible Expressions feature offered users a way to animate their avatars, adding a dynamic element to their comments. However, this feature was only available on select subreddits, relying on community moderators.
Analysis of a dune The control panel shows that from now on, More than 33 million collectible avatars have been createdThese nfts are worth $43 million in total on the market. There are both premium and free versions of the collectible avatars available, with the free versions accounting for the majority of newly created nfts.
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The leader of Collectible Avatars has announced changes for the Collectible Avatars community. It will now function as an official announcement channel. This channel will share updates and plans for the future. Reddit promises new partnerships, events, and community activities, indicating that the Collectible Avatars ecosystem will continue to thrive despite the end of Collectible Expressions.
Reddit had already scaled back its cryptocurrency projects. In October 2023, the site phased out its Community Points reward tokens on the Arbitrum Nova network. Reddit cited resource issues and regulatory concerns as reasons for ending the project. A decentralized group of Reddit users subsequently took over the Community Points system.
Final Thoughts
While Reddit is moving away from collectible expressions, the collectible avatars feature and ecosystem remain active. The changes reflect Reddit’s evolving approach to its crypto-related projects, balancing innovation with regulatory and resource considerations.
