SNEAK PEEK
- Since the collection’s introduction by Reddit earlier this year, more than 4.4 million have been produced.
- The record for Collectible Avatars mints sold in a single day was broken.
- A record number of Reddit Collectible Avatars were produced—nearly 255,000—beating the previous high of 200,000 on August 30 and August 31.
It has received praise for successfully presenting NFTs to a general audience. As a result, there are already roughly 4.4 million Collectible Avatars—the word Reddit uses for its Polygon-based NFTs—in use.
The polygon-based Collectible Avatars, used as avatars on Reddit’s social networking platform, have been hailed as a successful introduction of NFTs to mainstream consumers. After introducing tokenized community points the previous year.
The corporation tried to set the service apart from NFTs and cryptocurrencies. Instead of going up for auction, the pieces are sold for a fixed price, and only fiat money can be used to purchase them. NFTs were not mentioned in the statement.
It appears that the plan worked. While some Collectible Avatars have found their way onto secondary markets like OpenSea and seen huge price increases, the majority of holders get theirs through Reddit minting.
Despite the millions of collectibles that have been produced, there have only been roughly 40,000 recorded sales to date. One souvenir is all that more than 3.4 million holders have in their pockets.
In order to release each collection, Reddit collaborates with independent artists. The Singularity (98,000), Aww Friends (57,000), Meme Team (39,000), Reddit Cup 2022 (34,000), and Drip Squad were the sets that produced the record mints (28,000).
