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- 1 The nonfungible token sector suffered a great deal during the crypto winter.
- 2 New art piece collectibles are witnessing similar pre-winter popularity, suggesting normalcy.
Reddit brings the new installment of its Collectible Avatars digital art piece collections. The Gen 4 collectibles launched on July 26 and follow a similar line akin to previous generation items in terms of characteristics.
The collection dubbed Retro Reimagined has items created by over 100 independent creators in collaboration with famous artists in the industry. It includes creations from the creator of the Cool Cats collection Clon, Micah Johnson, Penguitt, Nyan Cat creator Chris Torres, and illustrators of Reddit Avatars Jas & Petio.
In the collection, the designs fall in the price range of $2.49 to $199.99. The collection is said to be the biggest one from the popular social media platform to date.
Reddit ventured into the Web3 space in July 2022 dropping the first generation of Collectible Avatars.
Reddit took necessary measures to ensure smooth and secure shopping of collectible items. The official announcement shows that there would be an anti-bot system including CAPTCHA and an “initial access” system to limit the purchase on the first day of release. The daily purchase is limited to $3,000 in the coming days..
Dune Analytics data shows the Reddit Avatars collection has over 18.2 Million collectibles. The number of holders reached 14.3 Million and more with the overall market cap reaching $54.6 Million.
Reddit Collection Avatars with Cool Cats
The collection is expected to be a hit given the participation of widely popular collections like Cool Cats. July 2021 released collectible with 9,999 animated cat avatars and accumulated $388 Million in revenue after sales.
Within the new drop, three avatars have Cool Cats style features and they are Blue Cat and Chugs, Shadow Wolf, and C4T Monitor.
Similar to the previous Collectible Avatars, the recently launched collection is minted on the Polygon blockchain network. There will be a facility to direct interaction with Reddit wallets.
Moving Towards Web3 via Collectible Avatars
In a significant development, Reddit, a prominent Web2 company, has achieved remarkable success in smoothly transitioning its mainstream user base to embrace Web3-based technology, often without explicit awareness.
Through a clever strategy, Reddit has seamlessly incorporated NFTs (Non-Fungible Tokens). It deliberately avoids the term used when promoting its digital collectibles, leading to widespread adoption among the masses. This move marks a pivotal milestone in the integration of Web3 innovations into everyday online experiences.
By downplaying the technicalities, Reddit aims to create a user-friendly environment that encourages widespread acceptance of Web3 innovations.
The platform’s recent Collectible Avatar drops recieved substantial attention and excitement, with sales soaring to an impressive $2.5 Million within a day in October last year. This success highlights the growing enthusiasm surrounding NFTs and showcases Reddit’s proficiency in leveraging this trend to engage its user base effectively.
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
