Reddit Collectible Avatars minting breaks all-time daily high

Reddit, the front page of the internet, recently uniquely made waves. The platform witnessed a record-breaking minting of its Collectible Avatars on December 3.

Users minted over 255,000 avatars daily, making it the highest-ever mints for Reddit in one day. The platform had only experienced such performance before August 30 and 31, with users minting over 200,000 avatars.

With the recent performance, the overall number of Reddit Collectible Avatars in circulation has reached 4.4 million. However, launched earlier this year, the avatars are inherently Polygon-based NFTs.

Reddit has partnered with artists to dish out new collections. Five of these collections played a crucial role in the surge witnessed on Saturday. These five were:-

  • The Singularity – 98,000
  • Aww Friends – 57,000
  • Meme Team – 39,000
  • Reddit Cup 2022 – 34,000
  • Drip Squad – 28,000

Many experts have called the NFTs a massive success, especially to a mainstream audience. Reddit had already integrated tokenized community pools back in 2021, and it announced the avatar plan in July.

Instead of auctioning the avatar, Reddit has established a fixed price, which is only be paid via fiat currencies. The platform has kept a distance from crypto and NFTs, which is rare when offering blockchain-based collectibles.

However, this strategy has paid off well, as shown by the number of collectibles in circulation. Some avatars have even reached markets such as OpenSea, where their prices have soared.

Only 40,000 users have sold the collectibles, compared to the millions in circulation. What is even more surprising is that 3.4 million collectible holders possess only one collectible. Trust in a newly introduced collection is also rare in the NFT industry.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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