Reddit This feature is being discontinued. The Collectible Expressions feature was a way for users to make animated expressions with their Collectible avatars NFTs. This change is set to take place on 5 August 2024. Users will no longer be able use Collectible Expressions for new comments after this date. However, they can still find them in older ones.
What were collectible expressions?
Collectible Avatars are NFTs that run on the Polygon Blockchain. These NFTs quickly gained in popularity after their launch. Sandeep Nailwal (co-founder of Polygon) even said that Reddit cracked the NFT with this launch. Collectible Expressions offered users the ability to dynamically add animation 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.
Source: X
Collectible Avatars Lead announced changes to the Collectible Avatars Community. This channel will serve now as an official communication channel. The channel will be used to share future plans and updates. Reddit has promised new partnerships with the community, as well as events and activities. This indicates that Collectible Avatars will thrive even after Collectible Expressions is discontinued.
Reddit had previously reduced its involvement in crypto projects. On the Arbitrum Nova platform, in October of 2023 the site will discontinue its Community Points rewards tokens. Reddit blamed the end of the project on issues related to resources and regulations. Later, a group of Reddit members took control over the Community Points program.
Conclusions
Reddit may be moving away from Collectible Expressions. However, Collectible Avatars remain in place and the ecosystem that supports it. These changes are a reflection of Reddit’s changing approach towards its crypto projects. They balance innovation and regulatory considerations with resource constraints.
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Source: nftevening.com
