Social media platform Reddit continues exploring digital collectibles despite a significant downturn in the non-fungible tokens (NFT) industry.
According to an official announcement on r/CollectibleAvatars, Reddit will drop its latest series of collectible avatars on July 26. According to social media reports, the new drop will be launched at 3:00 pm Eastern Time.
Titled “Retro Reimagined,” Reddit’s new collectibles drop will be the fourth generation of collectible avatars launched since the platform debuted the project in July 2022. Just like all previous generations, the latest drop will be issued on the Polygon blockchain and will be available for decentralized trading and third-party sales.
The new drop of Reddit’s collectible avatars brings fresh designs from new and existing creators, including recently-joined Cool_Cats_NFT and Micah Johnson.
Cool Cats is a major NFT project backed by the industry giant Animoca Brands. Cool Cats NFTs were launched in July 2021 and consist of 9,999 cartoon cat avatars. The Ethereum-based project has generated about $388 million worth of NFT sales volume to date, according to data from CryptoSlam.
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
In addition, Reddit has promised to introduce changes in its collectibles shop, which will be available directly in Reddit’s avatar editing section. At the time of writing, the shop features a number of Gen 3 avatars, many priced at $4.99. The Gen 3 series was launched in April 2023.
Artists like Ali Sabet, rojom, gasolyn, StutterVoid, Conall-in-Space, kristyglas and dashikka are also back to creating the Reddit avatars.
As previously reported by Cointelegraph, Reddit doesn’t view its Polygon-based avatar collections as proper NFTs because cryptocurrencies aren’t part of the process of buying or selling them.
Instead, collectibles’ owners have the ability to transfer their avatars to other Reddit accounts with its blockchain-based wallet Vault or to an external third-party crypto wallet. The platform doesn’t yet support secondary sales of collectible avatars though.
Click Here to Read the Full Original Article at Cointelegraph.com News…
