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Reddit Keeps Upvoting NFTs, Drops Third-Generation Collection
According to data from Dune Analytics, the Polygon-based NFT collection has 7.4 million unique holders.
By Cam Thompson
Updated Apr 12, 2023, 4:14 p.m. Published Apr 12, 2023, 3:45 p.m.
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Popular social platform Reddit has released its third-generation non-fungible token (NFT) collection, adding thousands more tokens from over 100 artists.
🚨#RedditCollectibles fans, the wait is over! Gen 3 is officially available with limited-edition designs from over 100 different artists. Jump into the next dimension and get yours now.🚨 pic.twitter.com/QcCSAUs8rE
— Reddit (@Reddit) April 11, 2023
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The demand for the collection was intense enough to bring down Reddit’s shop for the avatars for a period following the drop, with some users complaining that the team didn’t implement anti-bot measures such as CAPTCHA.
The glorious experience of trying to buy a gen3 @reddit NFT (Collectible Avatar) in one picture.
— W3nzel.eth (@thisiswenzel) April 11, 2023
That was a proper sh*itshow. Apparently, bots bought 300k avatars in under 3 seconds.
That's how you make your average users happy! 💀
Still, thanks for the alpha @CoinGurruu 🫶 pic.twitter.com/rbkFYCmLik
The Gen3 collection, which is “future realities” themed, according to a post by Reddit, features “Snoo” collectible avatars, the character behind the platform’s logo. The NFTs are Polygon-based and are available for purchase with fiat currency. According to Reddit, the avatars come with a degree of interoperability and allow artists to earn royalties on their work.
“Having collectible Avatars on the blockchain gives you, the purchaser, ownership over your Avatar, no matter where you want to take it, on or off Reddit,” said Reddit. “It also provides artists a way to have their work live beyond the virtual walls of Reddit, and collect royalties on future sales.”
One artist featured in the collection was “Nyan Cat” meme creator Chris Torres who celebrated seeing their Reddit Gen3 NFTs trend on OpenSea.
Thank you to everybody that collected my avatar today, all 1,000 have been claimed. My goal for this piece was to offer a fun new twist of my artwork that can reach a whole new audience and feel that plan succeeded. Excited to announce it’s currently trending 8th on @opensea 🤯! pic.twitter.com/RRIdXVnvyy
— ☆Chris☆ (@PRguitarman) April 11, 2023
According to data from blockchain analytics platform Dune Analytics, the Gen3 collection has about $585,000 in sales volume. A chart shows that there are over 7.4 million unique holders across all Reddit-based collections.
Reddit rolled out its NFT marketplace on digital wallet Vault in July, opening up sales of its collectible “Snoo” avatars. By October, over 2.5 million users had opened wallets on the platform, and the collections pumped to volumes close to NFT giant Yuga Labs’ flagship Bored Ape Yacht Club collection.
See Also: A Rookie Knocks Reddit’s NFT Marketplace Out of the Park
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