Crypto

Reddit to launch new NFTs on Polygon

This will be the fourth generation of Reddit-linked NFTs launched to the world

Even though the NFT (non-fungible token) industry is in a slump, Reddit keeps attracting new owners of digital collectibles created on the blockchain. It has announced that it will release its new series of collectible avatars on July 26, per an official announcement on r/CollectibleAvatars. According to social media reports, the latest drop is set to launch at 3:00 pm Eastern Time.

Reddit’s new collectible avatars, dubbed “Retro Reimagined,” will be the fourth generation of collectible avatars to be released since the platform launched the project in July 2022. Like previous generations, the latest drop will open for third-party sales and decentralized trading on the Polygon blockchain.

The new release of Collectible Avatars includes new designs from new and established creators, such as Cool_Cats_NFT and Micah Johnson, who recently joined the team. Cool Cats is a well-known NFT project that has the support of Animoca Brands, a major player in the industry. A collection of 9,999 cartoon cat avatars, they were launched in July 2021. According to data from CryptoSlam, the Ethereum-based project has generated approximately $388 million in NFT sales to date.

Reddit has also announced that it will make changes to its collectibles shop, accessible directly from the avatar editing section on Reddit. The shop offers a variety of Gen 3 avatars, many of which are priced at $4.99. The Gen 3 series was released in April 2023.

Even though the NFT industry has struggled, Reddit has boosted the adoption of blockchain collectibles. Reddit’s collectible avatars were nearing 10 million holders as of May 2023, just 11 months after the project’s launch.

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