Reddit, the social network that made headlines due to the GameStop affair, is setting a new record with its crypto community and the collectible avatars, a set of tokens based on the Polygon blockchain.
The milestone for Reddit is significant. Indeed, more than 255,000 unique avatars were minted Saturday, according to data claimed by Dune Analytics, the platform that turns blockchain data into usable charts and metrics.
Thus, the previous record, which had just over 200,000 mints in one day, was eclipsed, and the number of Reddit NFT holders rose from 3.5 million to about 4.5 million in just over a month.
Reddit’s mind-boggling Digital Collectibles: more than $10 million in volume
Following Reddit’s disruptive success in the NFT arena, the social network responsible for GameStop‘s rise broke new records on 3 December: as many as 255,000 mints in a single day.
Reddit has been making headlines thanks to the dizzying price increase of its NFT collections by up to 799%. The previous record of 200,000 daily mints was eclipsed bringing the number of Reddit NFT holders to 4.4 million wallets.
The vast majority of these belong to users of the social platform.
The figures eclipsed the previous high of 200,000 in August, nearly a month after the collectibles were posted. Specifically, more than 98,000 avatars from “The Singularity” collection were produced, the highest on that day, followed by 58,000 avatars from “Aww Friends.”
The rapid minting followed a spike in interest in the collection last Thursday, which gradually declined in the following days.
In addition, holders of Reddit’s Digital Collectibles have grown from 3.5 million to as many as 4.5 million in just over a month, generating volumes of more than $11 million in buys and sells, mainly on the OpenSea marketplace.
In particular, Digital Collectibles reached heights of 175 ETH for individual sales. The rarest tokens were given to Reddit users with the highest amounts of Karma, a point system that rewards the most active and most liked users within the site.
Importantly, the numbers achieved are a considerable milestone, considering that the first collection was launched in July.
According to statistics gathered, about 40,000 NFTs have been sold since their launch, highlighting that most Reddit NFT miners have decided to keep the tokens for themselves.
The primary use of these NFTs, released on Polygon’s blockchain, is that of profile images for Reddit users’ avatars, released under the name Digital Collectibles. As its name suggests, which takes great care not to use the terms NFT and token, Reddit aims to develop a market dedicated to collecting its avatars modeled after the Snoo mascot, created by various artists who use the social network.
Reddit’s social network: information about the crypto world and Web3
For some time now, Reddit has been one of the main places for exchanging information and news about the crypto world. Indeed, on the WallStreetBets forum, following the success of $GME, many users have coordinated to create Web3-themed forums.
Not surprisingly, the first announcement of the collaboration between GameStop and Loopring came on Reddit through a series of posts. Given the great interest in the crypto world on the platform, Reddit’s own founders pushed the social network to implement a series of moves to leverage blockchain technology.
Alexis Ohanian, the platform’s co-founder, created his own cryptocurrency investment fund called Kryptós. In addition, the social web itself has entered into a partnership with Solana worth $100 million to create a decentralized social for Web3.
Apparently, the collaboration between the two started to take advantage of the features of SOL’s blockchain, which boasts the speed, low transaction costs, and group reliability. The most recent launch of NFT collections comes at the end of a long experiment with the blockchain and is divided into multiple phases to capitalize more on the potential of Reddit’s immersion in Web3.
Reddit’s main feature: sharing
On Reddit, collectible avatars can be stored and managed on the platform’s crypto wallet, Vault, which allows users to earn blockchain-based community points and spend them on in-app features such as badges.
In July, the company said that users do not need an existing crypto wallet to buy avatars, but can use credit or debit cards to purchase them. In addition, Reddit did not identify avatars as non-fungible tokens, but said blockchain technology remained part of its long-term plans.
Specifically, the social network is characterized by a great deal of sharing among users, which is able to shift and influence the tastes and trends of thousands of users. In fact, in Reddit’s new marketplace, users can create wallets as well as mint and customize NFTs directly in the app.
Finally, they also have the ability to display them as profile images when users create content on the popular social platform.