On July 26th, Reddit, the prominent social media platform, released its newest set of Collectible Avatars in collaboration with the cat-focused Web3 brand, Cool Cats. Known as Retro Reimagined, this collection represents Reddit’s fourth generation of collectible avatars since it entered the Web3 space in July 2022. Notable artists and contributors to the series include Micah Johnson, Chris Torres, the creator of Nyan Cat, penguitt, a designer from Proof Collective, as well as Reddit’s own avatar illustrators, Jas and Petio. Additionally, Clon, co-founder of Cool Cats, is also part of this creative endeavor.
As part of the latest release, the Cool Cats style offers three avatars: Blue Cat and Chugs, Shadow Wolf, and C4T Monitor. Notably, the C4T Monitor Collectible Avatar from Cool Cats was already sold out at the time of this publication.
According to data from CryptoSlam, Cool Cats, which made its initial appearance in July 2021, has amassed approximately $388 million in NFT sales. This collection, supported by Animoca Brands, features 9,999 animated cat avatars that have transcended traditional profile pictures (PFPs) to become dynamic and evolving comic characters. One such character, Blue Cat, has ventured beyond its initial role and is now making its presence felt in various forms like digital collectibles, animated content, comics, games, and merchandise through the captivating world of Cooltopia.
Just like its earlier generation of collectible avatars, Reddit’s latest collection is being minted on the Polygon blockchain. This integration enables users to directly engage with Reddit wallets and effortlessly sell their collectibles to third-party buyers. In addition to this new release, Reddit has alluded to upcoming changes in its collectibles shop. In the near future, users will have the convenience of accessing the shop directly through Reddit’s avatar editing section.
Through Reddit’s blockchain-based wallet, Vault, avatar owners enjoy the flexibility to transfer their collectibles to different Reddit accounts. Furthermore, they have the option to move these avatars to an external crypto wallet if they prefer. At present, the platform does not directly facilitate the secondary sale of these avatars. However, users have the freedom to sell them on any NFT marketplace they desire.
Reddit stands out as one of the rare Web2 companies that effectively navigated its mainstream users into embracing Web3-based technology, often without their explicit awareness. By tactfully incorporating NFTs (a term the platform avoids when marketing and discussing its digital collectibles), Reddit has achieved remarkable success in driving mainstream adoption. As per the Polygon Analytics Dune Dashboard, more than 14 million users possess Reddit’s Collectible Avatars, with a combined sales volume surpassing $33 million.
In a bid to avoid using complex Web3 technical terms, Reddit has been making continuous efforts to foster a more organic adoption of these technologies, a challenge that many non-native Web3 companies face. The excitement surrounding Reddit’s releases is substantial, evident from the earlier Collectible Avatars drops that generated $2.5 million in sales within a single day between October 23-24, 2022.
Amid the general downturn of the NFT market, which mirrors the uncertainty and ambiguity in the cryptocurrency sector, there remains a sense of curiosity and optimism. Many are hopeful that companies and brands will eventually leverage these digital assets in a manner that truly showcases authenticity and tangible value.
In February, Reddit released its Super Bowl LVII Collectible Avatars for free, offering users a selection of four collectible types to mint, including Eagles, Chiefs, The Champs, and LVII Super Fans.