Reddit NFTs reached its milestone of selling more than 5 million avatars in six months due to presenting distinguishable artworks and simple language for Web3 novices
As you are most likely aware, Reddit avatars have been the “in-thing” throughout the last six months. Recently, these unique digital cards hit a notable minting milestone worth ranting about.
Quick Take:
- Since Reddit’s NFT marketplace launch date, users have purchased more than 5 million “collectible avatars” on the Polygon network.
- This milestone stands out as one of the most notable success stories in the Web3 space this year.
Reasons for Reddit Avatars High Demand
Despite a long-winded bear market and not launching until July—after the industry’s most prominent peak— Reddit’s NFT avatars have been skyrocketing in sales. Some avatars sell for $5k alone.
Details from Dune Analytics reveal that 5,019,974 collectible avatars have been minted on the Polygon blockchain to date. The total amount of avatar holders currently stands at 4,265,106. Whereas the number of single avatar holders is 3,957,375.
To achieve its milestone of selling more than 5 million avatars in six months, the popular news and social platform ensure that its NFTs are distinguishable from other NFTs.
Another advantage includes using straightforward language, such as referring to the digital assets as “collectible avatars” (rather than NFTs ) to appeal to a broader audience.
Consequently, Reddit’s NFT project is continually onboarding new members—all of which are crypto novices and enthusiasts alike.
There are also 100,000 active communities on the network that help to raise awareness of NFTs and crypto assets for educational and expansion purposes.
Reddit is also just one of many big brands in the Web2 space exploring Web3 advantages. Look at Starbucks’ NFT reward program (now in beta) and Lacoste’s new virtual store, for example.
This news demonstrates exciting development for both Web2 and Web3 markets, despite Web3 looking like it is “cooling down” from an outsider’s perspective.
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