Reddit, building on the success of its previous NFT releases, has made a big splash in the digital collectibles market with the launch of its fourth-generation digital avatars. Created on the eco-friendly Polygon blockchain, this NFT collection, named ‘Retro Reimagined,’ features Reddit’s iconic ‘Snoo’ alien mascot in various apparel and moods, reimagined by talented artists and creators.
The avatars are offered as limited editions, meaning a specific number of each artist’s Collectible Avatars are available for purchase, ensuring that artists receive compensation for every avatar sold. While the exact number of NFTs in the Retro Reimagined collection has not been disclosed, Reddit revealed the price range for these digital tokens, which varies from $2.49 to $199.99. The collection showcases NFT designs from 100 independent artists, including some inspired by popular NFT collections like Cool Cats. Reddit’s community members have already started showing off their new avatars from the Retro Reimagined collection on Twitter.
Reddit’s journey into the Web3 space began in July 2022 when it introduced NFTs as “Collectible Avatars” on the Polygon blockchain through free airdrops and early sales, encouraging user engagement with these collectibles. Later, the platform launched its own NFT marketplace, where users are required to set up a Reddit Vault Wallet to purchase and store NFTs.
The limited edition nature of Reddit avatars has made them highly valuable in resales, benefiting both artists and holders. According to a report, Reddit avatars have already been traded on secondary markets for around $33.6 million.
In its efforts to improve the purchasing experience, Reddit has introduced some changes for its GEN 4 launch. Captcha is now enabled for all Shop purchases to prevent bots, and initial access has been implemented on the first day of the launch, considering factors like account age and metrics. Additionally, there are restrictions on the number of Collectibles each user can purchase at a time.
With this latest move, Reddit continues to solidify its presence in the NFT collection, offering users an opportunity to own unique and limited-edition avatars that reflect the platform’s vibrant community and artistic diversity.