Quick take:
- Reddit is launching its fourth generation of collectible avatars.
- The drop will feature a collaboration with the NFT project Cool Cats.
- The drop is expected on July 26, 2023, according to a post by r/CollectibleAvatars.
Reddit is dropping its fourth generation of collectible avatars on July 26. A social media post by r/ColectobleAvatars revealed on Monday stating that the drop will occur at 3:00 PM Eastern time.
This drop has been titled “Retro reimagined” and will feature works from some of the leading creators in the NFT space, including Micah Johnson and the Animoca Brands-backed Cool Cats NFT.
Announcing its participation in the latest Reddit collectible avatar drop, Cool Cats tweeted:
Reddit has already sold more than 18 million collectible avatars, attracting over 14 million holders. The collection is now valued at about $60.88 million in market capitalisation, despite the current bear market.
Although Reddit NFTs are minted on Polygon, the company has opted to use the word collectibles over non-fungible tokens. In addition, unlike other NFTs where traders buy and sell in crypto, Reddit collectors trade their collectible avatars using the Vault wallet, a digital wallet that allows Redditors to store and manage their blockchain-based assets like the collectible avatars.
Reddit also announced it will be making changes to its digital collectibles shop, offering collectors more tools to customise their avatars.
The company’s Gen 3 series of NFTs, which launched in April this year has been minted 6.58 million times and generated $3.386 million in cumulative sales, according to dashboard publisher Polygon_Analytics on Dune Analytics.
Overall, Reddit collectible avatars have garnered nearly $33.65 million in total sales since launching in July 2022. The avatars raced to a sales volume of more than $10 million in less than three months, and have since played a major role in driving the number of Polygon-based NFT sales.
Although the NFT market is yet to reach the heights of last year, there was a significant spike in sales last week with an impressive $19.6 million worth of Ethereum NFTs sold. OpenSea dominated the number of trades, while Blur led with the sales volume.
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