Despite the prevailing downturn in the NFT industry, Reddit is pushing forward with launching its fourth generation of collectible avatars on the Polygon blockchain. The social media giant announced the upcoming release, “Retro Reimagined,” on its r/CollectibleAvatars forum, setting the launch date for July 26 at 3:00 pm Eastern Time.

Reddit’s surprising move in the challenging NFT market

Since debuting the project in July 2022, Reddit’s digital collectibles have continued attracting new holders despite the challenges faced by the NFT market. 

The decision to explore digital collectibles further surprises some, given the recent decline in the NFT industry. Projects such as Doodles, Invisible Friends, Moonbirds, and Goblintown have experienced up to a 95% drop in value as of May 2023.

Exciting new designs, collaborations, and an improved user experience with shop integration

New design of Gen 4 Reddit collectible avatars emphasising  how Reddit Embraces NFTs

Source Reddit r/collectibleAvatars forum

The new drop on Polygon will feature fresh designs from both new and existing creators, with prominent NFT projects Cool_Cats_NFT and Micah Johnson joining the ranks. 

Cool Cats NFTs, known for their 9,999 unique cartoon cat avatars, have already generated a staggering $388 million in NFT sales volume on the Ethereum blockchain, as reported by CryptoSlam.

In addition to the new avatar designs, Reddit promises changes in its collectibles shop, which will now be directly accessible within the platform’s avatar editing section. This move aims to simplify the user experience for collectors interested in acquiring these unique avatars. However, it’s worth noting that the platform still lacks support for secondary sales of collectible avatars.

A unique approach to NFT ownership and transactions

Contrary to traditional NFTs, Reddit’s collectible avatars on Polygon do not involve cryptocurrencies while buying or selling. Instead, owners can transfer their avatars to other Reddit accounts using the platform’s blockchain-based wallet Vault or external third-party crypto wallets.

Reddit collectible avatars Gen 4 sparks mixed reactions in the community

While the Reddit Collectible Avatars Gen 4 launch has generated excitement among some users, others have expressed mixed reactions. The prices of these NFTs vary from $4.99 to $199.99, with limited editions available in quantities ranging from 75 to 125. 

Some crypto communities have criticized the launch, calling it a cash grab and expressing concerns over bot activity and interface freezing during purchases.

However, despite the criticisms, Reddit’s collectible avatar collection has achieved significant milestones. Currently, the platform boasts over 13 million unique holders, and the cumulative sales volume of the collection has exceeded $32 million, with Gen 3 contributing $3.3 million to this figure.

cumulative sales volume of reddit avatar collectible graph

Collectible Avatars Cumulative Sales Volume. Source: Dune

The success of Reddit’s NFT-like initiative has been a bright spot amidst the broader challenges faced by the NFT market. The adoption of blockchain collectibles on the platform has been steadily increasing, and Reddit’s collectible avatars have captured the interest of millions of users.

Conclusion: What does Reddit have to offer the NFT community?

As the NFT industry continues to evolve, Reddit’s commitment to exploring digital collectibles showcases its dedication to offering innovative and engaging features to its community. 

With the fourth generation of collectible avatars set to launch on Polygon, the social media platform once again proves its influence in the evolving world of blockchain-based collectibles