Reddit Collectible Avatars have been a huge success but hype is currently dying

We've all been blessed by Reddit in the summer of 2022(July, to be exact). It was truly game-changing. They made it seem like these were not NFTs and named it as collectible avatars and introduced it to a very wide audience on the Reddit Platform.

They gave us the very first generation of Reddit Collectible Avatars comprised of 87 different avatars and it didn't sell out quick as not a lot of people had any interest in it. (July of 2022)

Then Second Generation came around October of 2022 as Halloween came and more people bought from the store as it sold out in the first 24 hours. Generation 2 comprised of 78 different avatars. Within a week after it's release, prices skyrocketed on Generation 1 and Generation 2 avatars. Some were selling for more than 10 Ethereum on an avatar with the current highest being 15.25 ETH(around $20.5K, at the time) which was for Fishy Foustling#1. These are the highest recorded sales on Opensea.

These avatars quickly garnered attention of a lot of people including twitter that they were highly anticipating Generation 3 to come while prices started to decline. A lot of people were seeing profits.

Fast Forward to April of 2023, Generation 3 of Reddit Collectible Avatars were released. So many people wanted to get in on the hype, including bots. 275 were released for the public to purchase. Almost all the $250 Canadian Dollar(CAD) avatars were bought out in just a few minutes after it was released. It was mayhem. Actual people couldn't buy any avatar while Bots were scooping everything up and immediately listing them on Opensea for a huge profit. Botters were bragging about their profits on Twitter. People were so disgruntled that they couldn't mint any of the avatars that they wanted. Reddit issued Compensation avatars to people who visited the store but people were still unhappy.

Then came Generation 4 yesterday. It wasn't anticipated as there were only 3 months in between the last two generations. It was a crazy and bold move by Reddit.

Compared to the last two generations were most or all of the most expensive avatars sold out after just hours from release. Now, we have: (these are all in Canadian dollars)

-4 out of 39 sold out from the $250 choices

-8 out of 56 sold out from the $130 choices

-4 out of 44 sold out from the $70 choices

-1 out of 61 sold out from the $35 choices

-0 have sold out from the $3, 7 and 13 choices

From a total of 361 different avatars, only 17 have sold out. From my perspective, most people are now waiting for people to list on Opensea to purchase. Volume yesterday was above 25 Ethereum and I haven't seen that in a long time.

Don't get me wrong. I love these Reddit Collectible Avatars. My username even says so. I also still own quite a bit on another account of mine. But, I also can't shake the feeling that the hype for these has long been gone.

I will finish this post with "Always buy with money that you can afford to lose in these NFTs. These collectibles are highly volatile."