In short
- More than 5 million NFTs have been minted through Reddit’s Collectible Avatars initiative.
- Reddit’s avatars are minted on Ethereum scaling network Polygon. Reddit users were given most of the NFTs for free.
Reddit’s Push for tokenized avatars It was a rare spot of light amid the darkness. declining NFT sales There was also a larger crypto market in turmoil and now the PolygonThe -based initiative reached a new milestone, with over 5 million collectibles having been produced so far.
Reddit Collectible Avatars NFT According to Blockchain data curated by a, initiative exceeded the 5 million mark within the past 24 hours. Dune dashboard. They’re not highly concentrated among high-value NFT collectors (or whales), either, as the project has more than 4.25 million total unique wallets. Around 3.95million wallets have a Reddit MFT.
Reddit is the most popular online discussion site. There are plans to launch NFT avatars Tapping is allowed in July Ethereum Sidechain network Polygon to offer premium avatars and free avatars To date, the vast majority of NFTs have been issued with free avatars Heavy users may be eligible The site spans millions of communities (or subreddits).
Pali Bhat, Reddit’s chief product officer, stated that this was what Reddit would do in October. More than three million Polygon wallets Users created the NFTs to be collected. Announcement The result was a significant rise in prices and trading The premium avatars of the collection generated millions of dollars in secondary market sales within days.
The speculative bubble around Reddit’s premium NFTs was short-lived, with only about $700,000 worth of sales taking place over the past month. All told, the Reddit NFTs have yielded about $11.85 million worth of secondary trades to date—well below top traded projects like the Bored Ape Yacht ClubWhich notched $61.6 million Over the past 30 days only.
Reddit’s NFT program, however, remains a notable example of how Web2 platforms can spur potentially massive adoption of Web3 Technology through giveaways
The initiative has seen a rapid increase in the number of NFTs that are being produced. The Polygon NFTs minted more than 250,000 on December 3rd, breaking the August single-day record.
Reddit is just one of many major brands that are joining Polygon. Meta’s Instagram NFT minting programStarbucks, with its just-launched Web3 rewards programNike with its upcoming digital apparel platform.