Reddit remains steadfast in its interest in digital collectibles, even amidst a significant downturn in the non-fungible token (NFT) industry.
An official announcement on r/CollectibleAvatars reveals that Reddit plans to release its latest series of collectible avatars on July 26. Known as "Retro Reimagined," this is the fourth generation of collectible avatars launched since the project was initiated in July 2022.
All previous and current generations of these avatars are issued on the Polygon blockchain. They are available for decentralized trading and sales through third parties. The new collectible avatars feature innovative designs from both new and returning creators, including Cool_Cats_NFT and Micah Johnson.
We’re participating in @Reddit’s Gen4 Collectible Avatars collection!
— Cool Cats (@coolcats) July 25, 2023
Our limited-edition series of #RedditCollectibles will be available on Reddit tomorrow, July 26.
Get ready to rock, Cool Cats. pic.twitter.com/qMkSY0vpW2
Cool Cats is a notable NFT project sponsored by industry titan Animoca Brands. Launched in July 2021, Cool Cats NFTs consist of 9,999 cartoon cat avatars. This Ethereum-based project has generated approximately $388 million in NFT sales volume to date, according to CryptoSlam data.
Reddit plans to introduce changes to its collectibles shop, which will be accessible directly in the platform’s avatar editing section. Currently, the shop showcases numerous Gen 3 avatars, many priced at $4.99. The Gen 3 series was released in April 2023, and artists like Ali Sabet, rojom, gasolyn, StutterVoid, Conall-in-Space, kristyglas, and dashikka are back to creating Reddit avatars.
Interestingly, Reddit doesn’t consider its Polygon-based avatar collections as proper NFTs due to the absence of cryptocurrencies in the buying or selling process.
Owners of these collectibles can transfer their avatars to other Reddit accounts via its blockchain-based wallet Vault or to an external third-party crypto wallet. However, the platform does not yet support secondary sales of collectible avatars.
