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Despite the recent downturn in the NFT industry, Reddit is all set to drop its Gen 4 collectible avatars, proving its resilience and commitment to the digital collectibles space. Let’s sit down together and go through Reddit’s latest initiative and its impact on the NFT industry, while also taking a nostalgic trip down memory lane to explore Reddit’s previous NFT ventures.
The Retro Reimagined: Reddit’s Gen 4 Avatar Drop
Reddit is strutting its stuff, undeterred by the recent slump in the industry. They’re all set to drop their latest series of collectible avatars, and it’s gonna be a blast! The announcement came straight from the horse’s mouth on r/CollectibleAvatars, and the buzz is that the new drop is gonna hit the floor on July 26, at 3:00 pm Eastern Time. You’d better not miss that!
The new series, dubbed “Retro Reimagined,” is the fourth generation of these groovy avatars. Since the project kicked off in July 2022, Reddit has been pumping out these collectibles on the Polygon blockchain, making them available for decentralized trading and third-party sales.
Reddit’s Impact on the Industry
Even though we hear bad news about NFT trading plummeting volumes every day now, the Reddit team seems to stick to what they’re doing, and not listen to everyone. And it works! In the 11 months since launching its collectibles project, Reddit was close to reaching 10 million holders of its collectible avatars as of May 2023.
The Gen 4 Collectible Avatars are a sight for sore eyes, with fresh designs from new and existing creators, including the recently-joined Cool_Cats_NFT and Micah Johnson. Cool Cats, backed by the industry bigwig Animoca Brands, has been a hit since its launch in July 2021, raking in about $388 million worth of NFT sales volume.
Reddit’s Previous NFT Drops
Before the Gen 4 avatars, Reddit had already made its mark in the NFT world. The first drop in August 2022 consisted of 90 different designs with a total of 40,000 individual NFTs, which sold out in about a month. Reddit rewarded its most loyal users with free avatars, leading to over 3 million Reddit users signing up for crypto wallets.
Following the success of the first drop, Reddit’s Collectible Avatars reached the top 10 list for OpenSea volume rankings. They also partnered with the NFL to release Super Bowl-themed Collectible Avatars, resulting in over 2.1 million Avatars being minted.
The third generation of Collectible Avatars was the biggest one yet, with collections from over 100 artists, including one from “Nyan Cat” creator Chris Torres. Like the previous two releases, demand was strong and the NFTs sold out quickly.
So, despite the ups and downs, Reddit is keeping the party going in the world of blockchain collectibles. Stay tuned for more updates, and keep grooving to the NFT beat!