- Social platform Reddit has launched another huge NFT collection on Polygon in collaboration with over 100 artists.
- Reddit’s NFTs have continued to soar since its launch last year, attracting over 7.3 million wallets with over 10 million minted NFTs.
- The community continues to laud the platform for giving the creators a platform to project their art and stories to a whole new audience.
The non-fungible token (NFT) space has seen new entrants from traditional social media players in recent years however, Reddit has taken the market by storm with its two previous releases.
Reddit has rolled out its third generation (Gen 3) NFT collection, expanding the number of artists and content in the program. The new release was centered on futuristic themes, with the platform urging artists to express their views through the art.
First launched in June 2022 on the Ethereum layer 2 network Polygon, its first theme depicted the platform’s mascot Snoo in various styles. The next months saw the release of Halloween-themed avatars along with Super Bowl designs, attracting 7.3 million new wallets to the platform.
To reach a wider audience, the Gen 3 collection seeks to grow its artistic base from 32 creators in its two previous releases to 100 in the latest edition. Presently, over 10.6 million Reddit avatars have been minted with a total value of $74.5 million, according to data by Dune.
Artists who participated in the Gen 3 release were made to sign a non-disclosure agreement to prevent them from giving details of the avatars before the launch however, leaked images of the avatars have been circulating online weeks before the launch.
The new project utilized a tiered system giving priority to popular artists. Chris Taylor, the creator of the popular Nyan Cat meme, was giving a supply of 1000 NFTs, while some less popular creators were giving a supply level of 75-100 NFTs.
NFTs tailored to the community
The Reddit NFT project has always maintained its community-centered approach in its two previous releases taking it a step further in Gen 3. Several artists commenting on the project stated that the platform encouraged them to express themselves around the theme, giving them the desired support.
Alicia Freeman, a visual artist and author, stated that she was given a full creative license to create while expressing delight that she would be rewarded.
“I decided to create avatars reflecting the rising ocean levels, the struggling bee populations, and the inevitable future of us all returning to our original stardust form. I didn’t even realize I’d be getting paid for my work. I was obviously happily surprised at how big the project became,” she added.
Laura Dumitriu, a Romanian digital illustrator, said she made the most of the opportunity to create “a new world with colorful and cute characters” centred on the theme.