Reddit announced its third-generation digital collectibles to mixed reviews this week. Some community members applauded the release, and others expressed frustrations with the news. What happened with the newest Reddit NFTs?
Reddit Avatars have stirred controversy since their release last year
Image Credit: Reddit
What Happened With the Newest Reddit Third-Gen Drop?
The Reddit community is known for disagreeing with one another. It’s not surprising, therefore, that some people were upset by the introduction of the newest round of the platform’s digital collectibles, called “Reddit Avatars“.
Critics of the move pointed to the project’s 10.6m collection size as a potential problem. There are only 7.3m unique holders of the collection, and many naysayers feel like the project is already too big. These people fear that increasing the supply will dilute the value of collectors’ holdings. Additionally, they believe NFTs are still in a bear market and don’t see a reason to inflate the supply.
Fans of the decision point to the demand for previous generations as a good reason to move forward with the plan. The first two generation drops sold out quickly, and many fans of the iconic website were forced to buy on secondary. In the last 90 days, the 60 different Reddit NFT collections saw a blistering 1,820 ETH volume. This volume, many reasoned, shows proof that there’s still plenty of demand for the Reddit Avatars.
Don’t call them NFTs! Reddit Avatars are “digital collectibles”
Image Credit: The Verge
The History of Reddit NFTs
Reddit partnered with Layer 2 blockchain Polgyon to create a marketplace for digital collections in August 2022. Reddit users had the opportunity to purchase avatars they could use to represent their digital identities on the website. The move was a hit, and the initial 40,000-piece collection sold out quickly. The combined market cap of the collection is approximately $74m and the highest collection price floor sits at 1.05 ETH.
Will the third-generation Reddit Avatars be a success? They drop on April 10, so we are going to find out one way or the other soon.
