Reddit Launches Fourth NFT Avatar Collection
Date: 2023-07-28 Author: Karina Ziganova Categories: BUSINESS, IN WORLD
The social network Reddit is launching a new fourth series of collectible NFT avatars called Retro Reimagined. The release will take place on July 26
The new collection of avatars in the form of non-fungible tokens (NFTs) will include projects from several leading developers and artists at once, including Cool Cats, one of the largest NFT projects on the Ethereum blockchain. Artists such as Ali Sabet, rojom, gasolyn, StutterVoid, Conall-in-Space, kristyglas and dashikka have also returned to creating Reddit avatars.
Like past collections, next-generation avatars will launch on the Polygon network. Reddit will also update the marketplace, which will be available in the avatar editing section. It is still not possible to sell NFT avatars on the secondary market, but owners will be able to send them to another social media account via Vault or third-party wallets.
How Reddit NFT Avatars Work
The social network does not consider avatar collections as real NFTs, since they cannot be sold or bought - the platform does not yet support secondary sales of collectible avatars. The social network also decided to drop the word NFT during a marketing campaign, calling avatars "digital collectibles" or "collectible avatars".
The owner of the avatar can use it on and off the Reddit platform. Thanks to NFT avatars, users can stand out from the rest of the participants, create a unique image and participate in various virtual events.
The number of owners of Reddit NFT avatars is approaching 15 million
At the end of May, the number of owners of NFT avatars from Reddit reached 10 million, according to Dune. Moreover, the largest increase occurred in the five months of 2023 - the number of avatar owners increased by 80%.
Since the end of May, against the backdrop of the launch of the third collection, the number of owners of NFT avatars has grown by another 4 million. At the time of writing, the number of NFT holders from Reddit has reached 14.25 million. The market capitalization was $60.89 million with the number of avatars of 18.18 million. The total number of sales was 338,139, and their total volume was $33.6 million.
