Reddit experiences shop outage as it launches third generation of NFTs

Social media tract Reddit saw its store acquisition downtime during the motorboat of its 3rd procreation of collectibles, according to statements made connected April 11.

High request leads to store outage

Reddit launched its GEN 3 bid of Collectible Avatars — a constricted tally of non-fungible tokens connected the Polygon blockchain — connected April 11.

However, the platform’s NFT store went offline owed to precocious volumes and it appears that galore items were purchased by bots alternatively than idiosyncratic users. One project, Pastel Alpha, admitted to purchasing a “good amount” of items done the usage of bots.

The outage resulted successful backlash arsenic assemblage members chastised Reddit for neglecting to enforce CAPTCHAs to bounds purchases. Others suggested that Reddit should big aboriginal offers done established NFT marketplaces similar OpenSea.

Reddit has not announced a afloat solution to its store outage, nor has it explicitly admitted that bot purchases led to overwhelming demand.

At 8:47 p.m. UTC, Reddit stated that it would reconstruct store functions for iOS and Android users. Items successful the NFT store tin besides beryllium viewed successful modular browsers, but immoderate effort to acquisition oregon get an NFT in-browser produces an mistake message.

Reddit moves into cryptocurrency

Reddit initially launched Collectible Avatars successful July 2022. Each bid provides includes designs from commissioned artists, and according to caller announcements, the latest batch of items includes contributions from much than 100 artists.

In February, 1 survey estimated that Reddit avatars had a marketplace headdress of $35 million. Live information suggests the postulation has a marketplace headdress of $27 million arsenic of April 11.

Reddit besides has made assorted different forays into crypto. The level hosts assemblage points connected the Arbitrum Nova blockchain layer, and the /r/cryptocurrency and /r/fortnite subreddits each person their ain dedicated cryptocurrency tokens.

Meanwhile, Reddit co-founder Alexis Ohanian operates a venture superior firm called 776 Management, which has made important investments into blockchain and web3.

The station Reddit experiences store outage arsenic it launches 3rd procreation of NFTs appeared archetypal connected CryptoSlate.