Reddit users have created over 5 million NFT avatars on Polygon

the summary

  • Over 5 million NFTs have been minted through Reddit’s Collectible Avatars initiative.
  • Reddit avatars are being minted on the Polygon network to scale Ethereum. Most of the NFTs have been given away for free to Reddit users.

reddit Push avatars It was a rare bright spot in the middle NFT sales decline And the broader crypto market is in turmoil, right now ribbedThe initiative has marked a new milestone with over 5 million collectibles minted to date.

Collectible Reddit avatars NFT The initiative has surpassed 5 million in the past 24 hours, according to blockchain data curated at Dune dashboard. Nor is it highly concentrated among high net worth NFT collectors (or whales), as the project has over 4.25 million unique wallets. About 3.95 million of these wallets contain a single Reddit NFT.

Reddit, the popular online discussion platform, announced Planning to launch NFT token In july vintage Ethereum side chain Grid polygon to provide free and premium avatars. The vast majority of NFTs mined to date have been free tokens Offered to massive users From the site, it stretches across millions of separate communities (or subreddits).

In October, Reddit product manager Pali Bhat announced this Over three million ribbed wallets Created by users to collect their NFTs. Advertising Stimulate an increase in prices and trade For premium avatars in the collection, generating millions of dollars in secondary market sales in a matter of days.

The speculative bubble surrounding Reddit’s tokenized NFTs has been short-lived, with sales of just about $700,000 in the past month. All told, the Reddit NFT has generated about $11.85 million in secondary trades so far — far less than more heavily traded projects like Monkey Yacht Club Boredomas such $61.6 million Only in the last 30 days.

However, Reddit’s NFT remains a prime example of how Web2 platforms can spur the potentially huge use of Web 3 technology through donations.

In fact, the amount of NFTs minted through the initiative has only accelerated recently. On December 3, more than 250,000 were minted by Polygon NFT, setting a new daily record and breaking the previous high on a single August day.

Reddit is one of many big brands built on Polygon, and it joins the likes Meta with the Instagram NFT Coinage InitiativeStarbucks with Just launched Web3 Rewards ProgramAnd Nike with Upcoming digital apparel platform.

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