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Social media platform Reddit continues to explore digital collectibles despite the significant decline in the NFT industry. According to the official announcement from Collectible Avatars on Reddit, the platform will release its latest collection of avatars on July 26th. The minting of the new collection will begin at 10:00 PM (TSI).
Special Design for Fourth Generation NFTs
Reddit’s new collection will be released under the name “Retro Reimagined”. The NFT collection, which was launched in July 2022, will consist of fourth-generation collectible avatars. Similar to previous generations, the final event will be hosted on the Polygon network, allowing users to buy and sell NFTs.
Renowned designers such as Cool Cats NFT collection and Micah Johnson have contributed to Reddit’s new collection of avatars, creating distinct designs compared to the previous three generations.
Cool Cats is a significant NFT project supported by industry giant Animoca Brands. The project was launched in July 2021 and consists of 9,999 cartoon cat avatars. According to CryptoSlam data, the Ethereum-based project has generated nearly $388 million in NFT sales volume to date.
In addition, Reddit has promised to make changes to the collection store, which will be directly available in Reddit’s avatar editing section. The third-generation avatars, released in April 2023, are currently sold in the store for $4.99.
Reddit’s Goal is Not NFT Trading
Reddit does not view its Polygon-based avatar collections as NFTs intended for trading. They attribute this to their desire to create a culture for the Reddit community.
Therefore, Reddit supports the transfer of collection owners’ avatars to other Reddit accounts or external third-party crypto wallets using the blockchain-based Vault wallet, rather than facilitating the trade of collectible avatars. However, the platform does not yet support the sale of collectible avatars by third parties.
Despite the ongoing decline in the NFT industry, Reddit’s ongoing NFT collection initiatives remain unaffected. Investments in projects such as Doodles, Invisible Friends, Moonbirds, and Goblintown, which have been among Ethereum network’s most valuable collections since May 2023, have experienced value losses of up to 95%.
