On Saturday, a record-breaking 255,000 Reddit Collectible Avatars were minted on Reddit, surpassing the previous record of over 200,000 mints set on both August 30 and August 31.
This makes the total amount of Collectible Avatars (what Reddit calls its Polygon-based NFTs) in circulation around 4.4 million, as calculated by @polygon_analytics on Dune.
In order to release each series, Reddit collaborates with various artists. On Saturday, the record-breaking mints were produced by five groups: The Singularity (98,000), Aww Friends (57,000), Meme Team (39,000), Reddit Cup 2022 (34,000) and Drip Squad (28,000).
Millions of collectibles have been produced, yet, only roughly 40,000 have been reported sold. There are over 3.4 million people who only own a single collectible.
Reddit Is Making Waves In NFT Industry
Polygon-based Collectible Avatars, used as avatars on Reddit’s social networking site, have been recognized as an effective implementation of NFTs to mass consumers.
According to a report from last year, Reddit launched 90 unique NFT designs, with “tens of thousands” of NFTs available for purchase in this early-access phase. They reportedly claimed that if you purchased one of their limited-edition NFTs, you could use it as an avatar anywhere, not just on Reddit.
This year in July, it was announced that the platform would be releasing an NFT-based avatar marketplace. With this, customers could purchase predetermined blockchain-based profile images for a fee.
Since customers can pay for them with a credit or debit card, a cryptocurrency wallet is not required. As an added bonus, users may make their avatars look exactly how they like with the help of the avatar builder’s variety of items, and these avatars will then “glow” next to their posts in communities.
It seems that this plan was successful. Though some Collectible Avatars have made it to secondary markets like OpenSea, where their base values have skyrocketed, the vast majority of collectors still acquire their avatars by minting them on Reddit.