- Reddit announced the launch of its collectible avatar in July 2022.
- In December 2022, users minted a record 255,000 avatars in a day.
- Dunes report shows there are about 4.4 million Polygon-based Reddit NFTs in circulation.
Recently, the Reddit Non-Fungible token (NFT) collection recorded a milestone.
You would recall that on 30 & 31 August, Reddit NFT recorded a milestone of 200,000 avatars minted in a day. However, this December record surpasses August’s and holds the new all-time high record for the collection minted.
The record number of avatars minted has positively impacted the Polygon chain. Dunes Analytics report showed that Reddit’s Polygon (MATIC)-based NFTs now has about 4.4 million in circulation.
However, the report showed that just 400,000 Reddit NFT avatars had been sold since the launch— even though there are over 3.7 million holders of the avatar. The report shows that most holders hold their NFT in their wallets.
The sales volume of Reddit NFT collectibles recently rose to an all-time high of $2.5 million. They achieved this milestone across 1,991 buyers on 24 October. Interestingly, some NFTs in the Reddit collection are rare. Some of them sold for about $300, while the platform’s marketplace has prices of about $50.
Understanding Reddit NFTs
Reddit, a content aggregation, ranking, and discussion platform, announced the new blockchain-backed “collectible avatars” in July 2022. It said the NFT collections would utilize the Polygon blockchain for decentralized trading and third-party sales.
Users create Reddit’s NFT collections on social media and use them as avatars. These independent artists create these avatars and use them on social media platforms.
Furthermore, these collectible avatars are limited edition artworks you can purchase with local currencies and cryptocurrencies. Reddit revealed that its blockchain-powered wallet, Vault, will manage the collectible Avatars. The Vault wallet functions on Ethereum-compatible chains.
The content aggregation, ranking, and discussion platform aim to empower artists using the website. Owners and holders of the Collectible Avatars will be eligible to receive unique benefits. Significantly, creators of the Collectible Avatars will receive a percentage of future secondary sales.
Developments in the NFT Ecosystem
Amidst the ongoing crypto winter and bankruptcy incidents, the NFT ecosystem is recording some developments. The NFT ecosystem has seen new giants from various sectors launching their NFT collections.
For instance, there is the Lamborghini-backed GT racing NFT— where the team has decided to authenticate car parts using Non-fungible tokens (NFT).
Conclusively, a new development in the NFT ecosystem is the introduction of expiring copyrights— industry players said they are looking at the next potential NFT gold rush in expiring copyrights. Even though art-based tokens have been very popular over the last few years.