Reddit remains unwavering in its commitment to exploring digital NFT collectibles despite the shifting dynamics in the NFT market. The social media platform recently announced that the launch of its newest collection of collectible avatars, titled “Retro Reimagined,” is scheduled for July 26, 2023, with speculations pointing to a drop time of 3:00 PM Eastern Time.
“Retro Reimagined” marks the fourth generation of collectible avatars released since Reddit introduced the project in July 2022. These avatars will be created on the Polygon blockchain to facilitate decentralized trading and third-party sales.
The latest collection features brand-new artwork from a diverse group of designers, including renowned names like Micah Johnson and the latest NFT collection, Cool_Cats_NFT. The Cool_Cats_NFT collection is backed by industry giant Animoca Brands, and it boasts 9,999 unique cartoon cat avatars.
Owners of these new collectible avatars will be able to transfer them to external third-party crypto wallets or to other Reddit accounts using the blockchain-based wallet called Vault. However, it is important to note that collectible avatars cannot be currently sold secondhand through the platform.
While the cryptocurrency markets have experienced some bullish activities as of May 2023, major investments in prominent NFT ventures like Doodles, Invisible Friends, Moonbirds, and Goblintown have suffered significant losses, with values plummeting up to 95% in Ether (ETH) terms.
Jack Dorsey’s first tweet NFT serves as a notable example of this massive decline. The NFT was originally purchased for a staggering $2.9 million in March 2021; however, its current best bid stands at 2 ETH, roughly equivalent to $3,700.
Despite the ongoing downturn in the NFT industry, Reddit remains steadfast and is trying to forge ahead with blockchain initiatives in the face of a volatile market. Since its launch approximately 11 months ago, Reddit has successfully garnered about 10 million owners of its collectible avatars, showcasing the platform’s dedication to the NFT space.
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