Author : Zack
Date : Dec 05,2022
There are currently about 4.4 million Reddit NFTs in use thanks to the record-breaking mint day for Reddit avatar NFTs.
On December 3, Reddit's nonfungible token (NFT) collection achieved a new high when a record 255,000 of its "avatars" were created in a single day.
A little more than 200,000 Reddit avatars were created each day on Aug. 30 and 31, the previous all-time highs for minting.
The NFTs are made by a variety of independent artists who use the social media site and are generally used as users' avatars.
Reddit chose to refer to the avatars as digital "collectibles" rather than NFTs at the time of the collection's launch in July, which was seen as a way to encourage widespread adoption of blockchain technology. Reddit's Polygon-based NFTs currently boast almost 4.4 million in circulation thanks to the record-breaking minting day, according to statistics from Dune Analytics.
Nevertheless, despite the sums created, Dune data reveals that fewer than 40,000 Reddit avatar NFTs have been sold since their introduction, and the fact that there are about 3.7 million avatar holders suggests that the majority of users have chosen to keep their NFT.
On October 24, 1,991 buyers contributed to a record-breaking $2.5 million in collectibles sales.
On secondary NFT marketplaces like OpenSea, some of the more expensive Reddit NFTs have sold for over $300, while the platform's own marketplace only sees prices of around $50.