Key Points:

  • The Gen 3 Avatar of Reddit will be officially released on the afternoon of April 11.

  • The current total circulation of Reddit Avatar has reached over 10 million.

Reddit will expand its support for the NFT industry with the release of the much-anticipated Gen 3 Avatar.

Reddit officially announced that Gen 3 Avatar would be officially released on the afternoon of April 11, US Eastern Time, and relevant digital collections will be launched in the Avatar Store.

According to the latest data from Dune Analytics, the current total circulation of Reddit Avatar has exceeded 10,615,730, the total number of holders has reached 7,351,795, and the market value is about $74,528,925.

The social network provides users with a range of collectible avatars to match their online profiles and personalities. These avatars are created by independent artists and can contain almost any type of image. Collectible avatars, enabled by blockchain technology, are only accessible for a short period.

These avatars are really housed on Polygon, an Ethereum-based blockchain with cheap transaction costs. When shown in the comments area, the avatar may be utilized as a form of profile photo and is presented with a glow effect. These collectible avatars are normally priced between $10 and $100 by the artists who design them.

The Reddit NFT is a sort of avatar available on the avatar marketplace. This marketplace allows Redditors to pay a certain amount of money to acquire blockchain-based photographs.

If you want to buy an NFT-based avatar, you may use a crypto wallet, a credit card, a debit card, or Vault. Reddit collaborated with a number of independent artists to develop more than 90 designs, which were launched with the marketplace’s opening. The overall number of NFTs sold, on the other hand, is in the tens of millions.

Reddit distributed 500k Super Bowl LVII Collectible Avatars for football lovers on the social platform in February. The social network will release the contract for the Gen 3 avatars on the Polygon blockchain, prompting many users to anticipate that the avatars will sell out in minutes.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

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