Online chat arena Reddit has announced the deployment of its third-generation NFT avatar agreements on the Polygon network, anticipating the official issue in the coming week.
Reddit Gen 3 NFT avatars
Reddit’s long-awaited third-generation Non-Fungible Tokens (NFT) avatars are set to come to the market in the coming few days. The online chat forum installed the contracts of its digital assets termed “Reddit Avatars” on the Polygon network on April 5.
Reddit has been in the NFT business before and released several series to the market. According to Pali Bhat, the Chief Product Officer of Reddit, the previously released NFTs have attracted more than 2.5 million buyers.
The idea of NFT avatars came into practice in July 2022 to endow creators to generate and retail their efforts. By August, avatars were already benefiting the artists through funds originating from sales. Once a user purchases a digital asset, it enters the Reddit website as an avatar.
The contract deployment has attracted the attention of most collectors and participants, most expressing their opinions on the milestone towards the release of the third-generation avatars.
Several users immediately responded to the announcement, most predicting a fast sell-out of the avatars, while others appreciated Reddit’s branding expertise and promotion skills.
Reddit avatar accumulator, who partook in Gen 1 and 2, was optimistic that the Gen 3 drop would only last a few minutes in the market.
According to other users, the promotion by Reddit has significantly contributed to changing the history of NFTs. It has transformed anti-NFT users into unbiased while others have turned pro-NFT.
However, some members have downplayed the avatars’ fast selling, recounting the “cumbersome” nature of the payment process.
The third-generation avatars come to the market at a time when Reddit NFTs continue to experience high trading volume. October last year, Reddit NFTs trade volumes clocked an all-time high with more than $3 million in the holders’ wallets. The Reddit NFTs were among the top 10 most traded digital assets in OpenSea.