Reddit announced the beginning of a new project on July 7, 2022: Collectible Avatars. These limited-edition PFPs would grant their owners exclusive platform privileges and were made in collaboration with the firm by freelance artists in addition to well-known Reddit community producers. It was Reddit’s first significant entry into the NFT market, supported by the Polygon blockchain and offered for sale at a set price in cash. Four different Reddit Collectible Avatar collections were listed in the Top 10 for 24-hour trading volume on OpenSea just three months after the company unveiled its NFT concept. The first Reddit NFTs, a collection of four creative renditions of the Snoo avatar, were made available in June 2021.

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The Foustlings, one of Reddit’s most popular collections, Reddit Collectible Avatars, has sold over one million items. Foulings and Reddit: with more than 650 ETH in trading volume, it is one of Reddit’s top-selling collections. Redditors poieeeyee and Rojom’s approximately 2,000 Snoos-strong collections with a Halloween theme also made the Top 10. Reddit’s Collectible Avatar project required careful balance. In order to create visually distinctive digital avatars that give owners special usefulness on Reddit, the firm employed freelance artists and recognised talent within its own platform. And they achieved all of this while purposefully avoiding the phrase “NFT.” The phrase was not used once in Reddit’s statement from July.

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