Social media platform Reddit has announced the release of new contracts for the third generation of its NFT Avatars.
The new NFTs will be limited-edition avatars created by independent artists and will be minted on the Polygon network.
The whole collection will be available for purchase on Reddit’s Collectible Avatar Shop the week of April 10, 2023.
The cost of each NFT avatar will be determined by the various quantity “tiers” made available by Reddit. Various artists can use different tactics with their quantities, such as a high-cost tier with a lower quantity, a mid-priced tier with a sizable quantity, and a cheap priced tier with a significantly huge quantity.
As for the new avatars, artists are offering a sneak peek on r/CollectibleAvatars, submitting their artworks — seen whole or partially — or the stories behind their collections.
While waiting for the formal release, the community is having fun commenting on their favorite sneak peeks, artists, and jokes surrounding the Gen 3 avatar release.
In July 2022, Reddit launched its NFT-based avatar marketplace, which immediately piqued the community’s curiosity. Since then, in October 2022, Reddit users have opened over 2.5 million Vault cryptocurrency wallets — Reddit’s own blockchain wallet — outnumbering OpenSea.
Reddit also teamed with the NFL in February to develop themed collectible avatars to commemorate Super Bowl LVII.