Reddit Launches Third-Gen NFT Collection: 7.4 Million Unique Holders

admin 13. April 2023

• Reddit released its third-generation NFT collection with thousands of tokens from over 100 artists.
• The demand for the collection was so intense that it brought down Reddit’s shop and bots were able to buy up 300k avatars in under 3 seconds.
• The Gen3 collection is Polygon-based, has interoperability features, and allows artists to earn royalties on their work.

Reddit Releases Third-Generation NFT Collection

Facebook iconLinkedin iconTwitter iconReddit Collectible Avatars (Reddit)Featured SpeakerYat SiuCo-Founder and Executive ChairmanAnimoca BrandsWhere is Web3 headed? Take a look to the future with this pioneering investor in the metaverse and NFTs.Secure Your SeatPopular social platform Reddit has released its third-generation non-fungible token (NFT) collection, adding thousands more tokens from over 100 artists. According to data from Dune Analytics, the Polygon-based NFT collection has 7.4 million unique holders.

Demand Brings Down Shop

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. Some bots were able to buy up 300k avatars in under 3 seconds.

Features of Gen3 Collection

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.

Interoperability & Royalties

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 of their work.

Purchase With Fiat Currency

Users are able to purchase these tokens with fiat currency through various platforms such as PayPal or credit card payments depending on what is available in each region around the world.