KEY POINTS
Reddit has announced it will soon shut down Collectible Expressions — the animated version of its Collectible Avatars non-fungible tokens (NFTs) on the Polygon blockchain.
According to Reddit’s Help page, support for Collectible Expressions will end on August 5, 2024.
Collectible Expressions were introduced for Collectible Avatar holders, allowing users to use them in comments where moderators enabled the feature. Despite the discontinuation, Reddit’s involvement with NFTs is far from over.
A new post from three days ago introduced a new Collectible Avatars lead who “will be investing more time into the community” with “some thrilling new updates and plans to share.”
Reddit’s journey into NFTs began in 2022 with the launch of a marketplace for NFT-based avatars, allowing users to purchase blockchain-based profile pictures.
Over time, the platform released various limited-edition avatar NFTs, often in collaboration with other entities. For example, last year, Reddit partnered with the NFL to create themed collectible avatars celebrating Super Bowl LVII.
Additionally, the platform released its fourth generation of NFT avatars, featuring characters inspired by the Cool Cats series.
These efforts have proven successful, as evidenced by data from Dune Analytics. Reddit’s Collectible Avatars have generated over $534 million in total sales volume, with more than 37 million Collectible Avatars distributed to 33 million holders.
