Reddit — Reddit reinforced its Web3 efforts on Wednesday by launching the third-generation (Gen3) NFT collection.
With the debut of the platform, it was able to grow its roster of artistic collaborators while turning its attention to the subject of future realities.
In June 2022, Reddit released its first wave of collections on Polygon, the Ethereum scaling network.
Snoo, the platform’s mascot, was drawn in a range of styles and themes for the first NFT collection.
In the months afterwards, Reddit has added Super Bowl and Halloween-themed avatars.
Because of the many topics, Reddit was able to generate a lot of buzz, resulting in over 7.3 million unique wallets.
Meanwhile, the new collection aims to expand on the previous enthusiasm by offering a wider variety of artistic expression.
The collection expanded from 32 artists in the initial collections to over a hundred in the Gen 3 drop, drawing a larger audience of collectors.
Three of the artists discussed their roles in the Gen3 collection as well as their inspiration for the avatars.
For the 2022 collection, Reddit engaged Alice Freeman, an Australian-based graphic designer and children’s book author.
The site contacted her via her DMs, and she was taken aback by the collection’s popularity.
“I didn’t even realize I’d be getting paid for my work,” said Freeman.
“I was obviously happily surprised at how big the project became.”
Fantasy and magical creatures are included into Freeman’s artistic technique.
Gen3 built three aesthetically lifelike avatars based on her vision of future realities in anticipation of her peers adopting the sci-fi, robotic look.
“I decided to create avatars reflecting the ocean levels, the struggling bee populations, and the inevitable future of us all – returning to our original stardust form,” Freeman explained.
According to the artist, Reddit gave them unlimited creative license to follow their artistic goals as long as the item matched the template frame of the Snoo figure.
Meanwhile, Laura Dumitriu, a digital illustrator from Romania, claimed she utilized the template to create a universe filled with bright and charming characters.
Her flair for design has garnered her a lot of attention on social media.
Fans have welcomed Reddit’s entry into the NFT arena over the previous year, stressing its artist-centric strategy and efforts to acquire new Web3 users.
The move is especially noteworthy for mass audiences who are unfamiliar with NFTs because Reddit members received millions of avatars.
The Gen1 premiere received little attention.
It only became well-known after internet rumors spread that Reddit had sold out of premium avatars after only a month of trading.
When Gen2 was first released, there was such a buzz about the collection that the paid NFTs sold out in less than 24 hours.
Over 10.6 million Reddit avatars have been created, with a total market value of $74.5 million, according to Dune’s public blockchain statistics.
Since learning about NFTs, Reddit has avoided using the word in marketing operations.
Instead, the platform targeted a simpler user experience in order to attract native consumer audiences that were unfamiliar with blockchain technology.
Artists were asked to sign a non-disclosure agreement promising not to expose particular facts about the Gen3 release before its release.
Images of the artwork, however, were obtained and widely circulated online.
A new system
The most recent drop drew a huge number of artists, implying that the Gen3 supply techniques would be based on a tiered structure dependent on the artist’s popularity.
Chris Torres, the originator of the Nyan Cat meme, disclosed that he chose to build one avatar design using a supply of 1,000 NFTs.
Meanwhile, others generated three personas with differing supply levels of 75 or 100 NFTs.
“You can’t look at it and think, ‘There’s 97 artists, here’s the floor for all of them,’” said Torres.
“Each artist has their own lore and their own communities behind them, so each piece will go different, depending on who it is.”
Reaction to the expansion
The NFT community was concerned that Reddit’s move to increase the number of artists might result in oversaturation.
They feel that it will reduce the commercial worth of the most recent collection.
Meanwhile, Freeman and Torres were more upbeat, pushing for more access and art dissemination rather than focusing on potential speculative impacts and supply dynamics.
“No one really knows what to expect,” said Freeman.
“There’s speculation on either end of the spectrum ranging from ‘too many artists’ to ‘the more the merrier,’ and I can understand both sides of the argument.”
“I feel with the growth of the avatar community, it was necessary to make avatar purchases more accessible for everyone.”
A star-studded front
Torres’ debut on Reddit Collectible Avatars with the Gen3 release isn’t his only appearance.
His Nyan Cat image holds the weight of the viral meme, which has gotten over 205 million YouTube views since April 2011.
Torres transformed the Nyan Cat into an NFT collection, resulting in a trading volume of almost 2,000 ETH.
He intended to recreate the original Nyan Cat design for the Reddit avatar while also including an easter egg connection to the Nyan Balloon.
“The goal for it was to take the original Nyan Cat – using the original file with all the original parts — and reconstruct it, so it could fit as Reddit’s Snoo character,” he explained.
Torres also stated that it was tough to work with the current pixel graphics because it had to be shrunk for the avatar design.
Reddit and Nyan Cat are both well-known online icons, with the former employing the Nyan Cat picture as a medal incentive for the crypto subreddit.
The pair’s most recent project is the NFT avatars, and Chris Torres expressed thanks to Reddit for contributing in the expansion of the Web3 user base.
“I am always hesitant to join new collaborations, but I’ve been on Reddit for 12 years and trust the system,” he said.
“It’s really cool seeing them create a whole new audience for NFTs and crypto.”