Reddit Avatars on Polygon Blockchain

Reddit, the online discussion platform, has launched the third generation of its blockchain-based digital collectibles, Reddit Avatars, on the Polygon blockchain. The new avatars were released on April 5, 2023, and have generated a lot of buzz within the community.

The non-fungible token (NFT) avatars were first introduced in July 2022 as a way to empower artists to create and sell their work. These avatars were made available in August 2022 and generated thousands of dollars in sales for the artists. Users who purchased a collectible were also able to set it as their avatar on Reddit’s website.

Now, with the release of Gen 3 avatars on the Polygon blockchain, community members and collectors are expressing their thoughts on the much-anticipated drop. Some users predict that the avatars will sell out in minutes, while others are praising Reddit for its marketing and branding prowess.

One collector who participated in collecting the first and second generation of avatars expressed their excitement, stating that the new drop has the potential to be sold out “within minutes.” Meanwhile, other users have praised Reddit’s marketing efforts to successfully change the narrative on NFTs, converting anti-NFT users to neutral and pro-NFT.

However, not everyone is convinced that the release will sell as fast as expected. Some users have criticized the payment process as “cumbersome,” which could deter potential buyers.

Despite the mixed reactions, Reddit’s NFTs have witnessed a surge in trading volume. On October 24, 2022, the collection reached a new all-time high in trade volume as wallet holders closed in on $3 million. In just 24 hours, the volume reached $1.5 million, almost one-third of the overall volume of $4.1 million. On October 26, the collection also made its way to the top 10 collections on OpenSea for the most sales in the week.

This latest release on the Polygon blockchain is another milestone for Reddit Avatars, which have quickly become a popular way for artists to sell their work and for collectors to own unique digital assets. With the latest release generating both excitement and criticism, it remains to be seen how successful the Gen 3 avatars will be on the Polygon blockchain. Nonetheless, Reddit’s NFTs have proven to be a lucrative market for both creators and buyers alike, and it’s likely that the platform will continue to innovate in this space.


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Alexis Ohanian bought 50000 ETH

According to reports, Alexis Ohanian, one of the co-founders of the social media website Reddit, purchased 50,000 Ether (ETH) coins during the presale of the cryptocurrency in 2014 for only $15,000, which works out to a price of about 30 cents per coin.

Ohanian, who had left the social media giant in 2020, stated in an interview with Forbes on February 21 that he found the concept of a decentralized store of value to be very appealing, in part due to his Armenian heritage. This led him to take an early gamble on Ethereum. Ohanian left the social media giant in 2020.

“Any group of people who have in their consciousness or in their collective history some idea of persecution, especially by a state, makes the idea of a store of value that is not controlled by any one state very attractive.” [Citation needed] “Any group of people who have in their consciousness or in their collective history some idea of persecution, especially by a state.” And so, in some respects it was ingrained in me at the time, and this made me open to the concept of a decentralized currency in a manner.

According to CoinMarketCap, the value of this investment has skyrocketed to an astounding $82.5 million at today’s rates, marking a growth of 549,589% from its initial value.

He went on to describe how Turkish forces had taken the ancestral carpets that had been passed down through his family during the Armenian genocide that occurred during World War I. This is what sparked his interest in “unseizable property.”

Ohanian is a strong supporter of self-custody, perhaps as a result of his distaste to having his property seized. He keeps some of his most valuable crypto-related assets off exchanges, which makes them less susceptible to the prying eyes of governments. He is in charge of managing the secret keys to these investments.

Ohanian said that he recognized the possibility for developers to construct a broad variety of possibly unseizable assets on top of Ethereum when he first heard about it during a meeting with the cryptocurrency exchange Coinbase. Some examples of these types of assets include nonfungible tokens (NFTs).

As a direct consequence of this, he made his first investment in Ether; nevertheless, he later said in an interview that “in retrospect, I didn’t invest nearly as much as I should have.”

Ohanian used the money he made from his early investments in Ether and Coinbase to launch his own venture capital company, which he called 776, in the year 2020. The company has financial stakes in 29 cryptocurrency-related firms, and in February 2022, it successfully secured $500 million to fund more investments of a similar kind.

Following Ohanian’s line of thinking that investors may take advantage of the opportunity to purchase assets at lower prices during a bear market, the company has seen the most recent market slump as the ideal moment to place long-term bets on the cryptocurrency business.

The company now has more than 750 million dollars’ worth of assets under management.

Ohanian made the observation that while cryptocurrencies are incredibly unpredictable, “there are enough of individuals who have the generational awareness of experiencing enormous inflation,” which makes the volatility of cryptocurrencies much more tolerable.


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Reddit Launches New NFT Avatar Marketplace

Reddit, a major global social media platform headquartered in San Francisco, announced on Thursday that it has launched a new NFT-based avatar marketplace that allows users to buy blockchain-based profile pictures for a fixed rate.

According to the firm, users don’t need to have a crypto wallet to buy digital pictures. A credit or debit card is enough to make a purchase and consumers can use Reddit’s own wallet product to store their digital assets.

In a statement, the company said: “Collectible avatars are backed by blockchain technology, giving purchasers rights (a license) to use the art – on and off Reddit.”

Users can mix and match their avatar’s appearances using merch available in Reddit’s avatar builder. As a result, the avatar will have a “glow-like effect’ next to a user’s comments in communities.

Reddit said it has partnered with an Ethereum-compatibles blockchain, Polygon, to mint such avatars on-chain. Users can use Reddit’s blockchain wallet, Vault, available on the company’s native app to store and manage such NFTs. Currently, consumers use Vault to earn blockchain-based community points and spend them on special features such as badges and animated emojis.

The firm stated that the NFT avatars will be initially available to members of the r/CollectibleAvatars invite-only subreddit. According to Reddit, all NFTs have a fixed price and can be purchased through fiat currencies like US dollars. Listing prices for such NFT avatars are $9.99, $24.99, $49.99, $74.99 or $99.99.

For users who are not members of the above community, Reddit said such collectable avatars would be available for purchase on its avatar builder page for anyone within the next few weeks.  

Why Social Media Firms Are Embracing NFTs?

This is the first version of Reddit’s NFT endeavours. The development is part of Reddit’s effort that started late last year. In January, Reddit started testing a feature allowing users to set any Ethereum-based NFT as their profile picture. This followed a few days after Twitter launched a similar feature allowing users to set their NFTs as profit pictures, where the photos give information about the NFT when clicked and appear as hexagon-shaped images to differentiate them from the ordinary (standard) Twitter profile picture.

These social media firms know that such crypto-related features (NFT profile pictures) are in demand from users seeking to use them as a display of status – digital bling.

Many social media companies are also pursuing to enable NFTs on their platforms. Instagram and YouTube recently announced that they are exploring NFTs. Meta Inc (formerly Facebook) has plans to build an entire NFT marketplace.

While the sales of NFTs are mainly in bespoke marketplaces (like SuperRare, Decentraland, Opensea, among others), social media platforms (like Reddit, Twitter, Facebook, and others) are also rushing to launch their own NFTs sites. NFTs are mainly used for certifying digital arts. Users (mainly celebrities and digital collectors) use them to display their digital arts. This is where social media comes in, as the platforms together with their algorithms that are finely turned for virality are perfect for this.

Image source: Shutterstock


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Trader builds Bitcoin ‘buy the dip’ bot, outperforms DCA

While a bullish backdrop emerges in February, spare a thought for the traders trying to time the market. One savvy trader by the name of Samjhill on Reddit has built a trading tool that outperforms dollar-cost-averaging (DCA) for buying Bitcoin (BTC). 

DCA is the strategy in which investors buy a small amount regularly regardless of price fluctuations. It works in contrast to traders keen to get the lowest entry, timing the dip to perfection and avoiding “catching a falling knife.”

The aptly named “Buy the Dip Bot” aims to “get the best price for a given asset by using a limit strategy.” Inspired by another Redditor who suggested a manual limit-buy-order strategy for getting the best price entry, Sam took the idea one step further, coding up a dip buying bot.

The bot places limit orders at several intervals below the current price and if an order gets executed or canceled, it starts again. Using tech from AWS, Python, Lambda, DynamoDB and React.JS while hosted on Github, the cost to run is low, “about $5 per month.”

While the bot has been beavering away since December, it hit a maiden milestone yesterday. Reaching profitability versus regular dollar-cost averaging, “the price-per-coin advantage is about (cheaper) 5-10% right now, which you could also think of as getting that much more coin for your money,” Sam told Cointelegraph.

The bot runs a backtesting library to work out the best entry points for the limit buys. A complex process, the work paid off, culminated in a “winning strategy.”

Related: TokenBot helps crypto traders build social communities and monetize market knowledge

When asked by Cointelegraph if he would recommend the bot as opposed to regular DCA, Sam replied it depends on where you are in your BTC journey:

“For people just starting out, regular DCA probably makes more sense, since your goal is probably to stack as many coins as possible. For those later in their journey, they might have a decent stack already and want to minimize increasing their cost basis, and so might benefit more from this.”

Sam, who first learned of Bitcoin around 2013, added that he is doing both DCA and the limit strategy “to get a more even curve of coin growth.”

While the future is currently Bitcoin orange for the trading bot, Sam built the system for easy integration with other coins. Ethereum (ETH) features on the Github page, and Sam hints he may roll out other coins to production.