Reddit announced its third-generation digital collectibles to mixed reviews this week. Some community members applauded the release and others expressed frustrations with the news. What happened with the newest Reddit NFTs?<\/p>\n The Reddit community is known for disagreeing with one another. It\u2019s not surprising, therefore, that some people were upset by the introduction of the newest round of the platform\u2019s digital collectibles, called \u201cReddit Avatars<\/a>\u201c.<\/p>\n Critics of the move pointed to the project\u2019s 10.6m collection size as a potential problem. There are only 7.3m unique holders of the collection, and many naysayers feel like the project is already too big. These people fear that increasing the supply will dilute the value of collectors\u2019 holdings. Additionally, they believe NFTs are still in a bear market and don\u2019t see a reason to inflate the supply.<\/p>\n Fans of the decision point to the demand for previous generations as a good reason to move forward with the plan. The first two generation drops both sold out quickly, and many fans of the iconic website were forced to buy on secondary. In the last 90 days, the 60 different Reddit NFT collections saw a blistering 1,820 ETH volume<\/a>. This volume, many reasoned, shows proof that there\u2019s still plenty of demand for the Reddit Avatars.<\/p>\n Reddit partnered with Layer 2 blockchain Polgyon to create a marketplace for digital collections in August 2022. Reddit users had the opportunity to purchase avatars they could use to represent their digital identities on the website. The move was a hit, and the initial 40,000-piece collection sold out quickly. The combined market cap of the collection is approximately $74m and the highest collection price floor sits at 1.05 ETH.<\/p>\n Will the third-generation Reddit Avatars be a success?\u00a0 They drop on April 10 so we are going to find out one way or the other soon.<\/p>\n \u00a0<\/p>\n Get our free, 5 minutes daily newsletter. Join 25,000+ NFT enthusiasts & stay on top \ud83d\udc4a\ud83c\udf1a<\/p>\n<\/div>\n<\/div>\n![\"Reddit](\"https:\/\/nftevening.com\/wp-content\/uploads\/2023\/04\/poieeeyee-NFTs.png\")
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Image Credit: Reddit<\/figcaption><\/figure>\nWhat happened with the newest Reddit NFTs?<\/strong><\/span><\/h2>\n
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Image Credit: The Verge<\/figcaption><\/figure>\nWhat do we know about the Reddit NFTs?<\/strong><\/span><\/h2>\n
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