While non-fungible token (NFT) trading volume has cooled in the last few months, the hype surrounding digital collectibles remains strong and shows no signs of fading.
Reddit is pushing the NFT frenzy and has recently launched another set of Polygon-based NFT avatars putting its overall mints at 18 million collectibles.
Nothing Beats Another Reddit NFT Drop
Reddit has become the focal point for many crypto denizens in recent years. Now, the social media platform is launching another batch of its hugely successful digital collectible merchandise.
According to an announcement on its r/CollectiblesAvatars subreddit, the online discussion platform is launching another set of NFT avatars called Retro Reimagined.
This is part of its Gen 4 NFT airdrop, featuring works from some of the most popular NFT creators. The NFT avatars are available in its Shop segment and will also feature works from new creators.
Reddit’s latest airdrop is one of the many digital collectibles the social media platform has rewarded its users with.
According to blockchain data compiled by the Dune platform, the online discussion hub has dropped over 18.3 million NFT avatars for users through Polygon, an Ethereum scaling network that accelerates transactions for a fraction of the cost.
Since its launch in June 2022, these avatars have been acquired by over 14 million unique wallet addresses.
The collectible has also made over $33.7 million from secondary market sales, pointing to a growing interest in the social media platform’s lineup of blockchain inscriptions.
Within that time frame, over 339,000 sales have been successfully completed. It has also grossed over $54.6 million in market valuation.
The Retro Reimagined NFT collection came with a ton of updates. Firstly, users must confirm their purchases by solving the CAPTCHA puzzle. According to the airdrop coordinators, this is to verify they are humans and not automated robots making the purchases.
Additionally, the new airdrop will operate using an initial access framework where every Reddit account must meet certain requirements to ensure an equitable purchasing experience for everyone.
One such requirement is that all Reddit users’ age will be considered before they can make purchases. Also, every Redditor will be restricted to a $1,000 purchasing limit for a single collectible avatar but can make multiple purchases for other collections.
After the initial access period, users will see their purchasing limit extended to $3,000 for one NFT collectible at a time.
With dozens of new creators having their works featured in the Gen 4 airdrop, the collectible avatar team has thoughtfully added a ‘Search’ functionality to the Shop.
This feature lets users quickly locate their desired collections, making the browsing experience more convenient. However, this is only available for mobile app users.
Lastly, iOS devices can skim through featured rows in the Shop to view collectible’s product stories.
Everything Is Off the Market
For those unfamiliar with what an NFT avatar stands for, it is a unique, limited copy of the artwork stored on the blockchain. These avatars are usually generated as regular JPEGs but grant their owners complete digital control.
In this new release from the Reddit platform, several well-known NFT projects like Cool Cats profile picture (PFP) and Micah Johnson’s Aku NFT avatars made the cut.
Although the collectible avatars have only been out for about 48 hours, every NFT collection is off the market as Redditors have purchased them all. Each collection went from $2.49 for the low-end limited releases to $199.99 a piece for the premium avatars.
NFT avatars are becoming a social status symbol on Reddit and elsewhere, with even popular celebrities joining the trend of digital collectibles. These avatars have been sold for hundreds of dollars to millions, despite some people viewing them as mere JPEGs.
The world’s highest-selling NFT avatar is Beeple’s 5,000 Days collection which was reportedly sold for $65.3 million at Christie’s Auction during the crypto boom of 2021. Celebrities regualrly bought NFTs from top collections like Bored Ape Yacht Club and CryptoPunks for 10s or 100s of thousands of dollars.
However, it has not been smooth sailing for the collectible ecosystem. According to a CoinGecko crypto report, NFT trading volume dropped 35% in Q2, 2023, with the Ethereum blockchain commanding a large market share.
Nonetheless, there is still hope for the digital collectible ecosystem. According to a Statista report, NFT revenue is expected to hit $1.6 billion this year.
Even better, its compound annual growth rate (CAGR) is expected to hit 18.55%, which would see it rise to $3.16 billion by 2027.
Reddit’s recent release highlights the cultural significance avatars now hold in the new social order and it may help keep NFTs relevant with the general public. Other companies may soon see them as an opportunity to strengthen connections with their users while raising awareness about blockchain technology and its societal impact, strengthening the market further.
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