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Reddit Ventures Ahead with Fourth Wave of Blockchain Collectibles Despite NFT Sector Downturn

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  • Reddit, undeterred by the downturn in the NFT market, is readying to launch its fourth series of collectible avatars on Polygon.
  • The launch coincides with an upsurge in the adoption of Reddit’s blockchain collectibles, with the platform nearing 10 million holders as of May 2023.

Unfazed by the prevalent downturn in the non-fungible token (NFT) sector, social media giant Reddit marches ahead, delving deeper into digital collectibles.

Embracing the Retro: Reddit’s Next Wave of Blockchain Collectibles

An official announcement on r/CollectibleAvatars reveals Reddit’s plans to unveil its latest collection of avatars, known as “Retro Reimagined,” on July 26. The impending series, the fourth of its kind since the project’s inception in July 2022, will be rolled out at 3:00 pm Eastern Time.

Maintaining consistency with previous iterations, the upcoming avatar collection will be released on the Polygon blockchain. This allows for decentralized trading and potential third-party sales, expanding the reach and accessibility of these digital collectibles.

The Gen 4 collection will showcase fresh designs from a blend of new and existing creators, including Cool_Cats_NFT and Micah Johnson, who have recently joined the initiative. Cool Cats, a notable NFT project under the patronage of industry titan Animoca Brands, boasts $388 million in NFT sales volume to date, according to CryptoSlam data.

Apart from the new avatar collection, Reddit has also indicated alterations in its collectibles shop. As of now, the shop, accessible directly via Reddit’s avatar editing section, features a plethora of Gen 3 avatars, many of which are priced at $4.99.

Contributing artists such as Ali Sabet, rojom, gasolyn, StutterVoid, Conall-in-Space, kristyglas, and dashikka continue to lend their creativity to Reddit’s avatar project.

While Reddit’s collections bear resemblances to traditional NFTs, the platform clarifies that these avatars are not proper NFTs due to the absence of cryptocurrencies in the purchasing and selling process. Avatar owners can transfer their collectibles to other Reddit accounts using Reddit’s blockchain-based wallet, Vault, or to an external third-party crypto wallet. However, secondary sales of collectible avatars are currently unsupported on the platform.

Despite the NFT Market Decline

The continuity of Reddit’s blockchain collectible initiative occurs amidst a significant contraction in the NFT industry. Top NFT projects, including Doodles, Invisible Friends, Moonbirds, and Goblintown, have seen up to 95% erosion in their Ether value as of May 2023.

Yet, despite the NFT market’s challenges, Reddit seems to be bolstering blockchain collectible adoption. Since launching its collectible project, the platform is on the verge of hitting 10 million avatar holders as of May 2023.

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AnnJoy Makena
AnnJoy Makenahttps://www.ethnews.com
Annjoy Makena is an accomplished and passionate writer who specializes in the fascinating world of cryptocurrencies. With a profound understanding of blockchain technology and its implications, she is dedicated to demystifying complex concepts and delivering valuable insights to her readers. Business Email: info@ethnews.com Phone: +49 160 92211628