Gen 3 Reddit NFTs Coming Soon

Credit: Reddit

News that the third generation of Reddit Avatar NFTs has been deployed on the Polygon blockchain is sparking a wave of passionate reactions among Reddit community members — also known as “Redditors.”

Some users predict the avatars will sell out in minutes, while others are expressing awe over how Reddit has quickly turned its anti-NFT users into neutral or even NFT fans in such a short period of time. The latter is no small matter, as Reddit — once known for its users being highly critical of NFTs — has managed to have huge successes with its digital collections.

It’s first-generation Reddit NFT Avatars launched in July 2022 with the goal of empowering artists to create and sell their work. When users purchased the limited-edition NFTs, they could be set as their avatar on Reddit’s website. In August 2022, the avatar NFTs generated thousands of dollars in sales for artists and creators.

Furthermore, over three million Reddit collectible avatars have been minted since launch, with nearly as many users holding Reddit NFTs in their Vault crypto wallet. The most NFTs minted per day was a staggering 255,000 thousand.

One user mentioned that one of Reddit’s marketing moves is to call its avatar collections digital collectibles instead of NFTs, since NFTs have an iffy reputation. Regardless, the generation three avatars have Redditors chirping with excitement.

Like with the other digital collections from Reddit, users can purchase the Gen 3 avatars on Vault, Reddit’s own crypto wallet. When Avatar NFT holders create content on Reddit, they can display their avatars alongside it. Reddit NFTs are also available to trade on secondary markets.

Reddit Puts Up Huge NFT Numbers

News of the third generation Reddit NFT Avatars is big news for Reddit’s Web3 community, but it shouldn’t come as a surprise. Reddit has had a wild six months in Web3, and from the looks of things, the platform is just getting started. Here are some of the top stories from Rarity Sniper about Reddit.

First, two months ago, Reddit launched a series of custom avatars for Super Bowl LVIII between the Kansas City Chiefs and the Philadelphia Eagles. The new collectibles let fans support their favorite team on the Reddit app and could be traded on secondary marketplaces like OpenSea.

Next, five months ago, Reddit NFTs surged in trading volume, reaching over $6.3 million in sales and over 23,070 total NFTs sold. The highest sale of an NFT for the period came from Reddit’s Senses Collection, where an NFT sold for 30 ETH, or around $40,000 at the time.

Lastly, six months ago, Reddit reported that 3 million Redditors created crypto wallets on the company’s Vault wallet service. That number meant that Reddit has more active NFT wallets than OpenSea, the top NFT marketplace.

Reddit has been quietly taking the NFT world by storm and its third generation Avatar NFTs could be the next big thing to hit the space. At Rarity Sniper, we’ll keep our ears to the ground for any new developments in the story.