Nfts
Reddit Ditches Collectible Animated Expressions for NFTs Polygon
Social media site Reddit is discontinuing its Collectible Expressions feature, which created animations based on NFTs of users’ collectible avatars.
The news was revealed on a Reddit Help Pagewhich carries a message that says “As of August 5, 2024, collectible phrases will no longer be supported on Reddit. In some cases, you may be able to see them in past comments, but they will not be able to be used in future comments.”
The collectible expressions are based on Reddit’s collectible avatars, a series of non-fungible tokens (NFT) on the Polygon blockchain. NFTs were wildly popular when they first launched. Polygon co-founder Sandeep Nailwal even claimed they were proof that Reddit had “I cracked the NFT code” . “
The Collectible Expressions introduced a selection of animated expressions that “bring your avatar to life using the animated expression as commentary”, and are available in a limited selection of subreddits at the discretion of community moderators.
According to a Dune Analytics DashboardOver 33 million collectible avatars have been created to date, with a market cap of $43 million. Collectible avatars are available in both free and premium versions, with the free version accounting for the majority of those created.
At the same time, a new head of collectible avatars has been appointed. announcement that the r/CollectibleAvatars community would be restricted and become an official announcement channel, announcing “exciting new updates and projects to share.”
Promised plans include “new community partnerships” and “even more events and activities,” while the Collectible Avatars team stressed that “the collectibles ecosystem is still going strong.”
Reddit has already put the brakes on some of its crypto-related projects, phase out its “Community Points” reward tokens on the scaling the Arbitrum Nova network in October 2023. At the time, Reddit cited concerns about resources and the “regulatory environment” as reasons for abandoning the project, which was later taken back by a decentralized group of Reddit users.
Edited by Stacy Elliott.