[Reddit is canceling Polygon NFT’s animated collection expressions]
Reddit has announced that it will be abandoning its Collectible Expressions feature, which creates animations based on users’ Collectible Avatars NFTs, starting August 5, 2024. Reddit says on its help page that Collectible Expressions will no longer be supported and, while they may still be visible in past comments, they can no longer be used in future comments.
Collectible Expressions are based on Collectible Avatars on the Polygon blockchain, and these NFTs were extremely popular when they launched. Collectible Expressions provides animated expressions that can be used in comments and are available in limited quantities in specific subreddits.
According to Dune Analytics, more than 33 million Collectible Avatars have been minted, with a market value of $43 million. Collectible Avatars are available in both free and premium versions, with the free version accounting for the majority of minting.
In addition, the new Collectible Avatars leader announced that the r/CollectibleAvatars community will be restricted and become an official announcement channel, previewing "exciting new updates and plans" including "new community collaborations" and "more events and Activities", emphasizing that "the collection ecosystem is still developing strongly."
Reddit has previously scaled back a number of cryptocurrency-related projects, including phasing out its "Community Points" reward token on the Arbitrum Nova extension network in October 2023. At the time, Reddit cited resource issues and the "regulatory environment" as reasons for terminating the project, which was subsequently taken over by a decentralized group of Reddit users.
