Reddit implements contract for NFT avatar 3rd generation with polygons

Reddit Collectable Avatar Generation 3

Bulletin board giant Reddit has implemented the third generation (Gen3) contract for NFT (non-fungible token) collections called “Reddit Collectible Avatars” on the Polygon (MATIC) blockchain on the 6th.

On April 1st, the moderator of the reddit Collectible Avatars community forum announced the Gem 3 release date as April 10th.

Since Reddit first launched a series of NFTs on the Polygon blockchain in July 2022, the company has called these “collectible avatars.” Owners have the right (license) to use the art on and off Reddit, and customize it by combining different avatar parts.

connection:Polygon and Reddit co-founders announce $230 million Web 3.0 fund

Reddit Collectable

The first collectible avatars were sold for prices ranging from $10 to $100 each through “Avatar Builder” for premium users. There was also an airdrop (free distribution) for community members with a high degree of contribution. These early collections sold out quickly, and new collections have since been released for events like Halloween and the Super Bowl.

Reddit offers a digital wallet, Vault, which gives users a wallet address that can be used on any Ethereum-compatible chain. In addition, collections can be settled in fiat currency. With this design for general users, we have realized the convenience that anyone can easily manage, buy, sell, and exchange collectable avatars.

According to statistics site DUNE, the total number of collectible avatars currently in circulation is 10 million, and over 7.3 million wallets own at least one collectible avatar.

Source: DUNE

Reddit also partners with independent artists to create collectible avatars and returns a portion of the avatar revenues to the artists. According to the Reddit Tech Blog dated April 4, creators who sold collectible avatars have earned more than 130 million yen ($1 million) in total revenue. Created by the pseudonymous artist poieeeyeee, Spooky Season has reportedly sold for a top price of 18 ETH.

connection:Reddit’s NFT “Collectable Avatar” surpasses 5 million issued

What is Reddit

Established in 2005, Reddit is a large bulletin board with approximately 50 million daily active users. In February 2021, it raised $250 million (37 billion yen: current) at a corporate valuation of $6 billion.

In April 2020, Reddit released “Reddit Community Points” based on Ethereum (ETH) token issuance standards. Using RCP, Reddit subreddits can issue their own tokens or NFTs, distribute them to community members, or buy and sell them. In 2021, RCP moved to Arbitrum Nova.

connection:Major bulletin board Reddit to adopt L2 “Arbitrum” for building community economic zone of Ethereum

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