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Reddit has announced the launch of a new series of collectible avatars which will launch later today, July 26. The platform will launch its Gen 4 collectibles on Polygon’s network, with the drop scheduled to start at 3 pm Eastern Time.
The social media platform has shown strong interest in the NFT sector, and it continues to explore the possibilities offered by digital collectibles, seemingly unbothered by the NFT industry’s downturn.
The company has published an announcement on r/CollectibleAvatars that shared the date and time of the launch.
The new collection is named “Retro Reimagined,” and it represents the fourth generation of collectible avatars. The platform’s first collection launched in July 2022, and in the following twelve months, Reddit continued to launch new generations.
Like the new collection, the previous ones have also launched on Polygon’s network.
Also, like the previous ones, the new one will be available for third-party sales and decentralized trading.
Reddit is bringing in new designs and artists
It is worth noting that the new drop will introduce multiple new designs from popular creators, including Cool_Cats_NFT and Micah Johnson, which are relatively new but still quite popular. Cool_Cats_NFT is a major project that managed to attract the support and backing from Animoca Brands.
We’re participating in @Reddit’s Gen4 Collectible Avatars collection!
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 (@coolcats) July 25, 2023
Initially, Cool Cats NFTs went live two years ago, in July 2021. The collection contained 9,999 cartoon cat avatars, which were available on Ethereum’s network. The collection managed to generate around $388 million in total to date.
Reddit also said that it plans to bring certain changes to its collectibles shop, which will become available directly on the platform’s avatar-editing page.
For the moment, the shop offers multiple Gen 3 avatars, launched earlier this year in April. Many of the avatars from this collection are available at Reddit’s store for a relatively low price of $4.99.
Reddit has an interesting view of avatars, as it doesn’t consider them proper NFTs.
According to the platform, the purchase and sale of avatars don’t involve cryptocurrencies, which, in Reddit’s eyes, means that they are not fully NFTs.
Instead, they are simply collectibles whose owners can transfer them to each other via the platform’s blockchain-based wallet, Vault, or through third-party wallets and services.
At the moment, Reddit also doesn’t support secondary sales of avatars, so doing it on the platform is still not an option.
The NFT market is still down after crashing in May
The NFT market has seen a big decline earlier this year, in May. At the time, many highly popular collections lost up to 95% of their value. Some examples include Invisible Friends, Doodles, Goblintown, and more.
Even the NFT of Jack Dorsey’s first tweet, which was originally bought for $2.9 million, dropped to only about $3,700, which is still its price at the time of writing.
Reddit’s decision to go through with the launch of the new avatar collection, considering the situation, is quite bold. The platform increased the adoption of blockchain collectibles, and its community did not disappoint.
About 11 months after the launch of the first collection, in May 2023, the company estimated that nearly 10 million holders have become owners of collectible avatars.
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