The third generation of Reddit NFTs, or digital collectibles, as the platform prefers to call them, is set to debut on April 10. The social discussion platform launched its first NFTs last August, which sold out in record time. Dubbed Reddit avatars, these digital collectibles can be used on the website by collectors to represent their digital identities.
Reddit prefers to use the name ‘digital collectibles’ rather than NFTs, given the negative connotation surrounding the term. The platform deployed the smart contract for the Gen 3 avatars on Polygon on April 5, with minting expected to kick off five days later.
— Reddit (@Reddit) April 4, 2023
The news was met with mixed reactions within the Reddit NFT community. While some were eager for the upcoming drop, predicting it would sell out in minutes, others on the other hand were critical, feeling that the collection size is getting too large, which saturates its value.
So far, there are over 10.6 million Reddit avatars with over 7.3 million unique holders, altogether representing a market cap of over $74.5 million.
Sustained Interest in Reddit Avatars
The first two generations of its digital collectibles sold out fast, forcing many interested collectors to fish for them on 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 1820 ETH, which roughly translates to over $3.3 million as of press time. In addition, the humongous market cap and the number of unique holders are another clear indication of interest in the NFTs.
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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 globe.
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