in a nutshell
- Over 5 million NFTs have been created through Reddit’s Collectible Avatars initiative.
- Reddit avatars are created with the Ethereum scaling network Polygon. Most NFTs were distributed free to Reddit users.
reddit Push to tokenized avatar was a rare bright spot Decrease in NFT sales And the wider crypto market in turmoil, and now polygonThe initiative marks another milestone with over 5 million collectibles minted to date.
Avatars for Reddit collection NFTs Initiatives surpassed 5 million in the last 24 hours, according to curated blockchain data. dune dashboardIt’s not even focused on high value NFT collectors (or whales) as the project has over 4.25 million unique wallets in total. About 3.95 million of these wallets hold a single Reddit NFT.
Reddit, the popular online discussion platform, announced NFT avatar launch schedule july, tapping ethereum side chain We use the network Polygon to offer both free and premium avatars.The majority of NFTs ever created were free avatars Provided for heavy users of sites that span millions of individual communities (or subreddits).
In October, Reddit’s chief product officer, Pali Bhat, announced: Over 3 million Polygon wallets Created by users to collect NFTs.publication spurred a surge in prices and transactions For the premium avatars in our collection, we can generate millions of dollars worth of secondary market sales in a matter of days.
Reddit’s speculative bubble over premium NFTs was short-lived, with only about $700,000 in sales last month. Overall, Reddit NFTs have generated about $11.85 million worth of secondary trades to date. Boad Ape Yacht Clubwhich record $61.6 million In the last 30 days only.
However, Reddit’s NFT program remains a notable example of how the Web2 platform could potentially spur mass adoption. Web3 Technology with giveaways.
In fact, the amount of NFTs created through this initiative has only recently accelerated. On December 3rd, over 250,000 Polygon NFTs were minted, setting a new daily record and surpassing his single-day peak in August.
Reddit is one of several major brands. Building with Polygonsjoin likes Meta by Instagram NFT Mining Initiative,Starbucks Newly Launched Web3 Rewards Programand its Nike Future digital apparel platform.
