Fun

News Feed - 2023-07-26 07:07:03

Helen Partz13 hours agoReddit prepares to drop Gen 4 collectible avatars on PolygonDespite the downturn in the NFT industry, Reddit continues to attract new holders of digital collectibles issued on the blockchain.2047 Total views47 Total sharesListen to article 0:00NewsJoin us on social networksSocial media platform Reddit continues exploring digital collectibles despite a significant downturn in the nonfungible token (NFT) industry.


According to an official announcement on r/CollectibleAvatars, Reddit will drop its latest series of collectible avatars on July 26. According to social media reports, the new drop will be launched at 3:00 pm Eastern Time.


Titled “Retro Reimagined,” Reddit’s new collectibles drop will be the fourth generation of collectible avatars launched since the platform debuted the project in July 2022. Like all previous generations, the latest drop will be issued on the Polygon blockchain, and will be available for decentralized trading and third-party sales.Reddit’s Gen 4 Collectible Avatars’ teaser. Source: Reddit


The new Collectible Avatars drop brings fresh designs from new and existing creators, including recently-joined Cool_Cats_NFT and Micah Johnson.


Cool Cats is a major NFT project backed by the industry giant Animoca Brands. Cool Cats NFTs were launched in July 2021, consisting of 9,999 cartoon cat avatars. The Ethereum-based project has generated about $388 million worth of NFT sales volume to date, according to data from CryptoSlam.We’re participating in @Reddit’s Gen4 Collectible Avatars collection!

Our limited-edition series of #RedditCollectibles will be available on Reddit tomorrow, July 26.

Get ready to rock, Cool Cats. pic.twitter.com/qMkSY0vpW2— Cool Cats (@coolcats) July 25, 2023


In addition, Reddit has promised to introduce changes in its collectibles shop, which will be available directly in Reddit’s avatar editing section. At the time of writing, the shop features a number of Gen 3 avatars, many priced at $4.99. The Gen 3 series was launched in April 2023.


Artists like Ali Sabet, rojom, gasolyn, StutterVoid, Conall-in-Space, kristyglas and dashikka are also back to creating the Reddit avatars.Collectible Avatar’s from Reddit’s Gen 3 drop. Source: Reddit


As previously reported by Cointelegraph, Reddit doesn’t view its Polygon-based avatar collections as proper NFTs because cryptocurrencies aren’t part of the process of buying or selling them.


Instead, collectibles’ owners have the ability to transfer their avatars to other Reddit accounts with its blockchain-based wallet Vault or to an external third-party crypto wallet. The platform doesn’t yet support secondary sales of collectible avatars, though.


Related:DeFi borrower uses luxury watch-backed NFT as collateral for a loan


Reddit’s ongoing NFT-like initiative comes despite an ongoing decline in the NFT industry. As of May 2023, investments in top NFT projects such as Doodles, Invisible Friends, Moonbirds and Goblintown lost up to 95% of their value in Ether (ETH) despite some bullish action on crypto markets.


The NFT of Jack Dorsey"s first tweet, originally purchased for $2.9 million in March 2021, has plummeted in value, attracting a best offer of no more than 2 ETH, or about $3,700, at the time of writing.


Despite difficulties in the NFT industry, Reddit appears to have increased the adoption of blockchain collectibles. In the 11 months after launching its collectibles project, Reddit was close to reaching 10 million holders of its collectible avatars as of May 2023.


Magazine:Tokenizing music royalties as NFTs could help the next Taylor Swift# Blockchain# Reddit# Social Media# NFT# Polygon# OpenSeaAdd reactionAdd reactionRelated NewsHow to actually spend your Bitcoin, ExplainedERC-20 inventor discusses origins, new blockchains, BRC-20 and moreNew Web3 ID app lets users find each other based on proven interestsCoinbase Wallet launches instant messaging feature with XMTPShared Web3 user base could power new social app integrations — Aave CEOReddit engineer shares strategy behind NFT onboarding at EthCC

News Feed

Crypto Economy Slides 8% in Value Shaking Out Billions, Blame Placed on New Covid Variant
Crypto Economy Slides 8% in Value Shaking Out Billions, Blame Placed on New Covid Variant During the last 24 hours, the crypto economy has lost 8% in value as a great number of cry
MEXC 2022 Recap: Futures Business Grows by 1200% and Exceeds 10 Million Users
MEXC 2022 Recap: Futures Business Grows by 1200% and Exceeds 10 Million Users sponsored Recently, the cryptocurrency trading platform MEXC released two retrospective articles: Major
SEC pushes back decision on Grayscale Ether futures ETF
Ciaran Lyons7 hours agoSEC pushes back decision on Grayscale Ether futures ETFThe United States securities regulator has postponed its decision on approving Grayscale"s Ethereum Futures Trust ETF product until the end of
Sanctions Motivate Russia to Create Own Crypto Market Infrastructure, Finance Ministry Says
Sanctions Motivate Russia to Create Own Crypto Market Infrastructure, Finance Ministry Says With sanctions cutting off Russia from global finances, Moscow’s motivation to es
Fearing a Hawkish Fed: Economists Focus on Upcoming FOMC Meeting as Global Market Rout Slows
Fearing a Hawkish Fed: Economists Focus on Upcoming FOMC Meeting as Global Market Rout Slows Global markets have been feeling the pressure of fear and uncertainty, as the upcoming
Ethereum ETF process is ‘going smoothly,’ says SEC’s Gensler
Jesse Coghlan2 hours agoEthereum ETF process is ‘going smoothly,’ says SEC’s GenslerSEC Chair Gary Gensler didn’t comment on when his agency would approve Ether ETFs for trading, but analysts predict it could be
Colombian Court Holds Hearing in the Metaverse
Colombian Court Holds Hearing in the Metaverse Colombian courts held one of the first judicial hearings using metaverse tech. María Victoria Quiñones Triana, the magistrate of th
Crypto Exchanges Must Share User Data With Russia, Prosecutor General Demands
Crypto Exchanges Must Share User Data With Russia, Prosecutor General Demands Digital asset exchanges must be obliged to provide user information to Russia’s law enforcement agen
Developers Propose Cross-Chain Bridge for XRPL Network to Enhance Blockchain Interoperability
Developers Propose Cross-Chain Bridge for XRPL Network to Enhance Blockchain Interoperability Software engineers and members of the development lab Ripplex want to create a cross-c
US and UK to Deepen Ties on Crypto Regulation, Says British Regulator
US and UK to Deepen Ties on Crypto Regulation, Says British Regulator Britain’s top financial regulator, the Financial Conduct Authority (FCA), says the U.S. and U.K. will d
SEC, State Regulators Probe Crypto Lender Celsius Over Accounts Freeze
SEC, State Regulators Probe Crypto Lender Celsius Over Accounts Freeze The U.S. Securities and Exchange Commission (SEC) and several state regulators are reportedly investigating t
Arijit Sarkar36 minutes agoOprah and The Rock collect crypto donations for Maui wildfire victimsThe Rock and Oprah Winfrey launched the People’s Fund of Maui to provide direct financial support to those affected by the