Reddit This feature is being discontinued. The Collectible Expressions feature was a way for users to make animated expressions with their Collectible avatars NFTs. Changes will be implemented on August 5th, 2024. The Collectible Expressions will be unavailable in all new comments made after August 5, 2024. Older comments may still contain them.
What were collectible expressions?
Collectible Avatars from Reddit, NFTs on Polygon’s blockchain. When these NFTs launched, they gained popularity very quickly. Sandeep Nailwal (co-founder of Polygon) even said that Reddit cracked the NFT with this launch. Collectible Expressions offered a feature that allowed users to dynamically add their avatars to comments. This feature, however, was only available in certain subreddits and depended on the community moderators.
A Dune Analytics Dashboard shows the current time. more than 33 million Collectible Avatars have been created. The total market value of these NFTs is $43,000,000. The free version of the collectible avatars is the most popular, but there are also premium versions.
Collectible Avatars Lead announces changes in the Collectible Avatars communities. This channel will serve now as an official communication channel. The channel will be used to share future plans and updates. Reddit announces new community events, partnerships and activities. These indicate that Collectible Avatars’ ecosystem will survive despite Collectible Expressions being discontinued.
Reddit had previously reduced its involvement in crypto projects. The site will phase out Community Points tokens in October 2023 on the Arbitrum Nova Network. Reddit’s reasons for terminating the project were based on concerns about regulatory issues and resource constraints. Later, a group of Reddit members took control over the Community Points program.
Last Thoughts
Reddit may be moving away from Collectible Expressions. However, Collectible Avatars remain in place and the ecosystem that supports it. Reddit is evolving its approach to crypto-related projects. The new changes balance Reddit’s innovative spirit with the regulatory and resource concerns.
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Source: nftevening.com