Nearly 255,000 Reddit avatars were minted on Dec 3, beating the previous all-time highs on Aug 30 and 31 with over 200,000 Reddit avatars minted each day. It brings the total number of Collectible Avatars – the name Reddit uses for its NFT collection built on Polygon – in circulation to about 4.4 million.
With the innovative features that Reddit has put into the collection, this achievement is understandable. Reddit has tried to distance the offering from NFTs and crypto. The pieces sell for a fixed price instead of being auctioned and can only be paid in fiat currencies.
In July 2022, Reddit launched an NFT collection named Collectible Avatars, marking an important milestone for this social network when it goes into NFT space. Collectible Avatars consists of many small NFT collections contributed by independent artists. The 1st generation of Reddit Collectible Avatars has 60 sub-collections and all have been sold out. These NFTs work as Reddit user avatars. When users set their Collectible Avatar as their profile picture on Reddit, they can mix-and-match the avatar’s clothes and accessories, and their profile image in the comments section will have a glowing effect.
Since its launch, Reddit Collectible Avatar has become a new craze with the number of holders reaching 2.8 million – a huge number for an NFT collection. It generated $2.54 million in sales from Oct 23 to 24 even during the bear market. Since the company started airdropping NFTs to users in August 2022, just two months after, the number of NFT wallets of Reddit surpassed OpenSea – the largest NFT Marketplace now.
To date, only about 40,000 sales have been recorded despite millions of collections being minted. Over 3.4 million holders have only one collection in their wallet. Reddit partners with independent artists to release each collection. Five sets were responsible for record mints on Dec 3: The Singularity (98,000), Aww Friends (57,000), Meme Team (39,000), Reddit Cup 2022 (34,000) and Drip Squad (28,000).
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