NFTs News

Reddit Collectible Avatar Hits New Minting Record

Reddit Collectible Avatar, which is used as avatars on Reddit’s social networking platform, is witnessing a new record after the positive signs since its launch.

According to Dune data from @polygon analytics, the total number of Collectible Avatars in circulation is around 4.4 million.

Source: Dune

December 3 set a new record for the number of Collectible Avatars minted in a single day, with nearly 255,000 Reddit Collectible Avatars minted, breaking the previous record of more than 200,000 mints on both August 30 and August 31.

Some of the Collectible Avatars have made their way onto secondary markets such as OpenSea, where their floor values have skyrocketed; nonetheless, the majority of holders obtained them through Reddit minting.

Source: Dune

Despite the millions of collectibles produced, there have only been roughly 40,000 reported sales. Over 3.4 million holders only have one collectible in their wallets.

Source: Dune

Collectible Avatars — the moniker Reddit uses for its Polygon-based NFTs — the company went out of its way to separate the product from NFTs and cryptocurrency. Instead of being auctioned, the items are sold at a predetermined price and may only be purchased with fiat money. It made no mention of NFTs in its statement.

The company describes them as “limited-edition avatars made by independent artists, in partnership with Reddit.” The Collectible Avatars will be uniquely numbered, with several avatars of each design for sale.

Reddit’s Collectible Avatars are currently stored on Polygon, an Ethereum-based blockchain, which the company says it chose due to its low transaction costs and sustainability commitments. However, Polygon does rely on the less sustainable Ethereum blockchain for security.

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Harold

Coincu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.