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Reddit Releases Thousands of New NFTs on Polygon Blockchain
Reddit grabbed the attention of the Web3 space yesterday with the release of third generation NFTs. The social media giant quickly sold out the release to largely positive reviews. What do we know about the latest Reddit NFT drop?
Image credit: LuckyTrader
What do we know about third generation Reddit NFTs?
The third generation of Collectible Avatars features artwork from 100 different artists, over 3 times the number of artists from the first two generations combined. Reddit gave the artists creative control over their pieces, only stipulating that the artwork had to involve Snoo, Reddit’s alien-looking mascot, and involve a theme of “future realities.” The results are impressive.
Australian artist Alicia Freeman created three different characters. She based her Collectible Avatars on environmental themes. She stated, “I decided to create avatars that reflect the rising sea levels, the struggling bee populations and the inevitable future of us all – back to our original stardust form.”
Image credit: Reddit
Chris Torres, the artist behind the iconic internet meme “Nyan Cat,” took a different approach. He decided to create only one character with a larger edition size instead of creating multiple avatars with smaller edition sizes. Torres explained: “You can’t look at it and think, ‘There are 97 artists, here’s the floor for all of them. Each artist has their own lore and their own communities behind them, so each piece will go differently depending on who it is.”
Did the fall go well?
Demand for the Reddit NFTs overwhelmed Reddit’s online store. The site crashed during the coining process and some people criticized the release’s lack of anti-bot measures. Apparently, there was no CAPTCHA involved in the minting process, and bots were able to purchase 300,000 assets in about three seconds.
Image credit: @thisiswenzel
Regardless, demand for Collectible Avatars was strong. The collection has already generated $585,000 in sales volume since its inception. The floors have held up well and Reddit fans have taken to social media to show off their newly acquired digital identities.
What were the previous two Reddit NFT drops?
Reddit announced its intention to release NFTs in July 2022. The major message board site then partnered with Polygon to build its own NFT marketplace. Since then, over 7.4 million unique wallets have collected pieces from the Collectible Avatars collection.
The initial release consisted of 40,000 mostly free unique digital assets. For many, this was the first time they had owned an NFT or interacted with a Web3 wallet. To that end, many credit Reddit with helping to promote the mainstream adoption of blockchain technology.
The second Collective Avatars drop was a paid drop. Reddit cleverly allowed non-crypto natives to buy the assets with credit cards, helping smooth out some of the pain points required to buy NFTs. The Gen 2 sold out launch sold out within 24 hours.
As the insane demand for the latest Reddit NFT release indicates, there is still a lot of demand for digital assets even during a down year for NFTs. Companies like Reddit joining the Web3 space are helping to advance the use of blockchain technology, and it never hurts to have a character as cute as Snoo around to help soften crypto’s sometimes edgy image.
