Reddit brings the latest installment of its Collectible Avatars digital art piece collection dubbed “Retro Reimagined,” featuring the creative works of over 100 independent creators and well-known industry artists. The collection, which released on July 26, includes designs from renowned artists like the creator of Cool Cats Clon, Micah Johnson, Penguitt, Nyan Cat creator Chris Torres, and others, falling in a price range of $2.49 -$199.99. This is the website’s biggest installment to date and was made available through a CAPTCHA-protected anti-bot system and an “initial access” system, which limits customer purchases on the first day it’s out. Dune Analytics revealed that the series of Reddit Avatars released so far had a total of over 18.2 Million Collectibles, with 14.3 Million holders and an overall market cap of $54.6 Million. These figures indicate the immense potential of Reddit’s venture into the Web3 world. Especially when taking into account the previous drop of animated cat avatars from July 2021, which totaled 9,999 in number and generated $388 Million of revenue after sales.
Based off the previously successful Cool Cats concept, the latest version of Collectible Avatars comes three different animal-basd avatars – Blue Cat and Chugs, Shadow Wolf, and C4T Monitor – that have been minted on the Polygon blockchain. Reddit looks to directly work with its users by assisting them in partnerships with Reddit wallets. What makes Reddit’s journey to the Web3 space so significant, however, is that it has enabled users from a previously traditional Online arena to adopt and become accustomed to new technology with ease, often unconsciously.
Its effortless changing users mindsets drive the platform to success within each NFT. Additionally, it motivates a constantly engaged user base, as indicated through the staggering $2.5 Million worth of Collectible Avatar sales on the first day of drop in October. Therefore, Web3 looks to capitalize on the willingness of Reddit further to test the waters when it comes to digital blockchain systems, paving the way for much more success in the industry.
