Reddit expands NFT offerings with ‘Retro Reimagined’ collection of digital avatars

Reddit, a popular American website or social media giant where users share and submit various types of content, is taking a leap into the world of non-fungible tokens (NFTs). The name of its latest NFT collection is ‘Retro Reimagined.’

On 27 July, 2023, Reddit made an announcement about the launch of Generation 4 of RedditCollectibles. This latest release offers a selection of even more limited-edition designs for users to enjoy.

Reddit's Generation 4 of #RedditCollectibles will showcase unique avatars featuring the iconic 'Snoo' alien mascot, creatively reimagined by artists in various outfits and moods. Similar to its predecessors, the latest collection operates on the Polygon blockchain, enabling decentralised trading and third-party sales.

Reddit discloses the price range

In an official blog post, Reddit explained that these avatars are limited edition, ensuring that a specific number of each artist's collectible avatars are available for purchase. This approach allows artists to receive payment for every avatar sold.

Though the exact number of NFTs in the collection remains undisclosed, Reddit did disclose the price range for the Retro Reimagined series. Each tokenised avatar from this collection will be priced between $2.49 (approximately Rs. 205) and $199.99 (approximately Rs. 16 lakh).

Users flaunt their Retro Reimagined avatars

Reddit's Generation 4 #RedditCollectibles collection features NFT designs from 100 independent artists, some inspired by popular collections like Cool Cats. Community members are already sharing their new avatars from the Retro Reimagined series on Twitter.

In July 2022, Reddit introduced NFTs as ‘Collectible Avatars’ on the Polygon blockchain through free airdrops and early sales. Later that year, Reddit launched its NFT marketplace, where users need a Reddit Vault Wallet to buy and store NFTs.

To ensure the safety of users and combat bot activity, developers have implemented anti-bot measures, including CAPTCHA. Additionally, Reddit has set spending limits and established an initial access period on launch day, limiting the number of NFTs each user can purchase at once.

Over 14.5M NFT avatar holders on Reddit

As of the latest count, there are more than 14.5 million holders of Reddit's NFT avatars. This impressive number reflects the growing interest in digital collectibles and NFTs among the platform's users.

With prominent social media amenities like Reddit expanding into the crypto world, it demonstrates the platform's dedication to investigating NFTs and providing users with a flavour of nostalgia through their distinctive avatars. As the crypto and NFT communities expand, the ease and attraction of these platforms for networking will definitely play a critical role in building the future of the crypto ecosystem.