Observing a significant movement in the landscape of digital collectibles and Non-Fungible Tokens (NFTs), popular social media platform Reddit is preparing to release its fourth-generation collectible avatars. This move is intriguing given the downturn currently facing the NFT sector.
Though there is a visible decline in NFT’s popularity, Reddit remains steadfast, announcing via its r/CollectibleAvatars community that it will inaugurate its latest series of collectible avatars on July 26. Gen 4 avatars, launching under the banner “Retro Reimagined”, will mark their presence in the digital collectible landscape on the Polygon blockchain, enabling decentralized trading and third-party sales.
Allegedly, Reddit’s latest rendezvous with the growing digital_collectibles market boasts contributions from both new and existing creators. Recent entries include names like Cool_Cats_NFT and Micah Johnson. It’s worth noting that Cool Cats is an NFT project supported by industry giant Animoca Brands, which has reportedly generated over $388 million in NFT sales volume so far, as recorded by CryptoSlam data.
However, Reddit’s vision of its polygon_based avatar collections does not conform to the commonly-accepted definition of NFTs. Instead, they offer a unique mechanism that empowers owners to transfer their avatars to other Reddit accounts via its blockchain-based wallet Vault, or to an external third-party crypto wallet.
The social media giant’s continued exploration in the realm of NFTs comes despite a significant dip in the industry’s stature. Industries seasoned names like Doodles, Invisible Friends, Moonbirds and Goblintown took a hard hit and lost up to 95% of their value in Ether. Further, the NFT of Jack Dorsey’s first tweet, bought for $2.9 million in March 2021, has dramatically dropped in value, attracting a paltry offer of around $3,700.
However, this hasn’t deterred Reddit from striding ahead. Owing to its consistent efforts, Reddit reportedly nearly transgressed the 10 million mark for holders of its collectible avatars in May 2023. Could these digital collectibles from Reddit be indicative of a resurrection in the NFT market on the horizon? Only time will set the records straight. Despite the mounting uncertainty and volatility, one thing remains undeniable – Reddit’s determination to experiment and succeed in the largely-uncharted digital terrain is beyond impressive.
Source: Cointelegraph
