Reddit, currently riding on the success of its previously released NFTs, has made another splash in the digital collectibles market. The social networking platform has launched the fourth generation of its digital avatars created on the eco-friendly Polygon blockchain. The NFT collection has been named as ‘Retro Reimagined'. The avatars from this collection will feature Reddit's official ‘Snoo' alien mascot, reimagined by artists and creators in different kinds of apparels and moods.
“These avatars are limited edition, meaning a set number of each artist's Collectible Avatars are available for purchase. This allows artists to be paid for every Avatar sold,” Reddit wrote in an official blog post, commenting on the development.
While Reddit has not disclosed how many NFTs will be part of this collection, it revealed the price points that are decided for the NFTs of the Retro Reimagined series. Each tokenised avatar from this collection will cost between $2.49 (roughly Rs. 205) and $199.99 (roughly Rs. 16 lakh).
In addition, the platform said that the collection showcases NFT designs from 100 independent artists. Some avatars are also inspired by popular NFT collections like Cool Cats.
Reddit community members have already begun showing their new avatars from the Retro Reimagined collection on Twitter.
Reddit was launched in June, 2005 in the US. At present, the platform is estimated to have 55.79 million daily active users and 1.660 billion monthly active users as of July 2023.
Its pivot towards Web3 happened when it introduced NFTs as “Collectible Avatars” on Polygon in July 2022 via free airdrops and early sales — getting people to engage with the collectibles.
Later in 2022, Reddit launched its own NFT marketplace. To shop from this online marketplace, people are required to set up a Reddit Vault Wallet to purchase and store NFTs.
By December last year, Reddit had reportedly garnered over 4.25 million total unique wallets and 3.9 million out of these wallets possessed at least a single Reddit NFT.
Since Reddit avatars are limited edition, they have been known to fetch substantial funds in resales for artists as well as holders.
As per a Decrypt report, around $33.6 million (roughly Rs. 275 crore) worth of the Reddit avatars have already been traded on secondary markets.
The platform, however, has announced come tweaks in the process via which people can purchase its NFTs.
“We learned a few things from the last drop, so we are launching GEN 4 with a few things that will impact your Shop experience. Captcha is now enabled for all Shop purchases, so please don't forget to confirm that you are indeed not a (ro)bot. In order to promote a more equitable purchase experience, we are launching this drop with initial access. It means that for the first day of launch, your account age and other metrics will be taken into consideration and there will also be restrictions on how many Collectibles you can purchase at a time,” its blog noted.
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