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Reddit’s collectible avatar experiment falls victim to NFT fatigue

Earlier in July, Reddit said, NFT world through Introducing Collectible Avatars: A custom avatar profile picture and effect that appears next to a user’s account when they create a comment. But just a month later, the company appears to be shifting gears, indicating a slower-than-expected start to its new venture.

A new set of 4 avatars named “Aww Friends”, “Drip Squad”, “Meme Team” and “The Singularity” given away for free Be some of the most active users on the platform. Users with the appropriate amount of Karma Points (Reddit’s Karma Score is the total number of upvotes against a user’s downvotes) can choose from the aforementioned options to receive via AirDrop.

When collectible avatars were first announced, they were priced at a flat rate. Other NFT projects Where valuations fluctuate based on trading activity and the general market. Prices for these ranged from $9.99 to $99.99, so the decision to give the avatars away for free was a way to get top redditors and community members across the web to feature the collection in the complex comment section of the platform. It seems like

bad time to get in — In all fairness to Reddit, this NFT venture isn’t exactly a clever ruse build hype, raise investor capital and run away with the highest valuation for your project. This platform is at least trying something new. It is a digital collectible of stable value and serves as a badge of recognition within the network of established communities.

The problem is that public interest in NFTs is waning. For proof, OpenSea activities For collectible avatars. Last month he had only 3 sales, with the majority of trading activity occurring within his first two weeks of project creation. Interestingly, OpenSea does not provide a graph to map this activity. This is provided for other collections.

investigate r/Collectible Avatars, revealing a similar lack of enthusiasm. The subreddit has been relatively quiet, with no activity for two weeks, until the latest post promoting free avatars. A popular subreddit with at least a small amount of community or followers won’t go dark for very long.

With more major brands and companies looking to move onto web3, getting caught up in the explosive trend of the 2020-2021 cryptocurrency boom will only lead to sunk costs and a steady drain of interest. The problem with most NFTs is that their creators have little ability to sustain the hype and ambition of their projects. Reddit seems to learn it in real time.

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