Reddit has deployed the contract for its third generation of blockchain-based digital collectibles, called “Reddit Avatars,” on the Polygon blockchain, with an official launch planned for next week. The new collection comes as the online discussion platform has seen huge success with its earlier NFTs.

Reddit Gen 3 NFTs to Drop Next Week

Reddit is set to drop its Gen 3 avatars next week, an admin said in an announcement last week. “GEN 3 is dropping the week of April 10th! Your vigor, your valiance, and now your vaults will be taken to another dimension with the third installment of creator made Collectible Avatars,” the announcement read.

The admin detailed that some of the previous artists were involved in the initiative, and some new artists will participate in this round, creating and designing unique avatars. “Soon you’ll be able to see all their amazing work available for purchase in the Collectible Avatar Shop,” they added.

Some community members and collectors have expressed their opinions on the highly anticipated release, speculating that the drop would sell out quickly. Others noted that the excitement around upcoming NFTs could also positively impact avatars’ first and second generations.

Reddit NFTs See Huge Success

In July last year, Reddit announced the launch of its collectible avatars and a Polygon-based NFT marketplace for trading those digital items. “Collectible avatars are backed by blockchain technology, giving purchasers rights (a license) to use the art – on and off Reddit,” the company said in an announcement.

Users can manage and store the digital collectibles on their Vault, Reddit’s blockchain wallet. Unlike other companies foraying into NFT, Reddit did not require users to purchase NFTs with digital assets. Instead, it allowed users to pay using credit or debit cards. Furthermore, the NFTs came at a fixed listing price pegged at $9.99, $24.99, $49.99, $74.99, and $99.99.

Notably, the Reddit digital collectibles are created by independent artists, with the total number of NFTs going for sale reaching millions. The avatars were initially available to members of the r/CollectibleAvatars invite-only subreddit.

The trading volume of Reddit’s NFTs has also seen a spike, with the collection hitting record trading volume in late October last year. As reported, the cumulative trade volume of all Reddit NFT collections surpassed the $8.6 million mark.

Meanwhile, there are more than 7.3 million Reddit avatar holders and more than 10.6 million unique NFTs, according to a Dune Analytics dashboard. Furthermore, the collection is estimated to have a market cap of $74.5 million.

The collection has registered around $14 million in secondary sales across around 120,000 trades, the Dune dashboard shows. However, it has seen a steep drop in buyers and sellers over the past couple of months, with only 13 sales registered over the past 24 hours.

This article originally appeared on The Tokenist

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