Social platform Reddit released its much-hyped generation 3 avatars recently. Many anticipated the project to be a money printer following the success of Gen 1 and Gen 2, but the collection is experiencing a price dump virtually a day after release.
Reddit collectible avatar fizz allegedly pops
The recently released Reddit Gen 3 collectible avatars have experienced a slow start in the market as most collectors sell them at a loss just a day after release.
The much-hyped avatars came to the market on April 11, attracting many bots and users. Data from the OpenSea marketplace indicate that some collectibles are selling below the mint price.
Avatars such as “The Spalder Missionary,” created by a novel artist Kinnester, with a minting price of $100, are now selling for $70, whereby six avatars are still up for grabs selling below $100.
The price of most Gen 3 avatars ticked below their minting price on the OpenSea marketplace, even the ones from distinguished creators such as StutterVoid, with a minting cost of $10 going for $8.80. There was a similar price slump on the release of Gen 2, but it was over after 3-4 days.
Collectible avatar going below the mint price | Source: OpenSea
The sharp contrast between avatar generations
The selling of Gen 3 avatars is currently moving on with a steady move on those costing $4.99-$25 in the shop.
Reddit third-generation avatars have stagnated compared to Gen 2, which saw a massive pump following the high participation of the Twitter NFT community. Most people benefited greatly from the Gen 2 drop.
Currently, there is little interest in the collection, which has caused panic among people, with many opting to sell their collectible NFTs at a loss beneath the mint price. Some traders have felt the urge to recoup any amount they can from digital assets.