Reddit collaborates with a broader group of artists to create engaging avatars on Polygon. The debut was intended to attract a larger audience of collectors but caused the website to crash due to high traffic volume.
With the release of the third generation of its collectible avatars on Polygon, Reddit has intensified its NFT intentions. The social media platform is working with an even broader group of artists this time around to design engaging avatars with future themes. With this debut, Reddit wanted to draw a larger audience of collectors, but it had not yet planned for the volume of traffic that would eventually cause the website to crash.
Greater Than Expected
Reddit’s Gen 3 collection was a tremendous hit, but the website was unable to handle the increased traffic and abruptly went offline as bots flocked to the site to purchase avatars. One project, Pastel Alpha, acknowledged employing bots to make several NFT purchases.
It’s also probably why, according to Dune Analytics, the Gen 2 collectible avatars made almost $1.9 million in the same 24-hour period whereas the NFT collection only generated $634,000 in that time. The bot invasion sparked criticism from the public, who blamed Reddit for not taking anything to stop hostile behavior.
Reddit has fixed the shop’s mobile functioning, but it hasn’t responded to reports of its outage or put in place measures to control bot activity. Despite these difficulties, the collection became a huge success right once, inspiring both established and up-and-coming artists.
Reddit’s most recent collection includes works created on commission by 97 artists, up from 32 in the prior two generations. The social media site reached out to a number of up-and-coming and well-known figures, like Chris Torres, the mind behind the well-known Nyan Cat meme, to develop avatars with complete artistic license.
As long as their works adhered to the Future Realities pattern, creators were free to follow their artistic goals. In order to stop leaks, Reddit also requires artists to sign non-disclosure agreements (NDAs). Images of the artworks nevertheless made it to the internet despite the platform’s efforts.
Given that current NFT platforms have decreased creator refunds to increase trading volumes, Reddit has won appreciation for its creator-forward philosophy. Some users expressed worries about the collection’s dilution and oversaturation of quality.
Reddit’s NFT collection, however, blatantly prioritizes supply dynamics over the accessibility of art and avatars.
Dune Analytics claims that the platform’s NFT initiatives have greatly enhanced NFT acceptance among its users, as seen by the fact that as of press time, it had over 7.7 million unique minters, 11 million total mints, and a market cap of over $74 million.
On the other hand Facebook and Instagram, two rival social media companies, abandoned their NFT initiatives. To incorporate cryptocurrency payments, Reddit and FTX previously collaborated. Twitter is allegedly planning to test out new features including an in-app exchange.
Each month, Reddit receives more than 430 million visitors. One of the biggest social media websites in the world is this one. The forum’s NFT effort may help Web3 adoption by making blockchain technology accessible to millions of users.