Internet forum Reddit has rapidly risen to become one of the prominent players in the Non-Fungible Token (NFT) landscape, having issued over 10 million of its Polygon-supported Unique Avatars in the past year, and it has recently unveiled an extensive array of new options.
The fourth generation of Reddit's Unique Avatars, named "Retro Reimagined," was inaugurated this week, compiling a selection of inventive interpretations of the platform's well-known alien mascot "Snoo" from a variety of contributors.
Incorporated in this release, alongside artists showcased in prior offerings and Reddit community members, are NFTs designed around the Cool Cats profile picture initiative, and Micah Johnson's Aku NFT persona.
Every NFT avatar introduced in this series is a restricted edition offering, with each tokenized persona existing in hundreds or at times thousands of editions. The price points fluctuate from $2.49 to $199.99 per item, with a significant number of avatars being sold out at the time of reporting.
For the latest offering, Reddit has instituted several changes to the process. Specifically, on the first sales day, the platform has capped purchases based on "account age and other metrics," to deter newly formed accounts from bulk buying NFTs for speculation purposes. Reddit has additionally put in place a CAPTCHA verification method to deter automated bot activities.
Last summer, Reddit introduced its Unique Avatars NFTs through Polygon to facilitate less costly and swifter transactions for extensive projects and issuances.
Apart from the premium avatars, which require a purchase and have been bought and sold on ancillary markets for thousands of dollars each, Reddit has also disseminated millions of avatars over the last year. These complimentary distributions constitute the largest portion of NFTs issued by Reddit.
To date, public blockchain information compiled by Dune indicates that nearly 19 million Polygon NFTs have been issued, with roughly 15 million individual wallets possessing the avatars.
Avatars worth around $33.6 million have been traded on ancillary markets, although resale demand was predominantly confined to a brief period of fervor last autumn when the Reddit NFTs initially began to gain traction.
The Reddit forum is one of the favorite internet gathering spots for a number of crypto communities and this is also reflected in the platform's numerous crypto-related initiatives. Two weeks ago Reddit officially replaced its legacy loyalty points with a blockchain-based token system.
