Reddit NFTs Reach Minting Milestone of 5 Million

Share This Post

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.
Reddit NFTs

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.

Subscribe to the NFT Lately newsletter to receive news covering the latest NFT drops, releases, reviews and more.

spot_img

Related Posts

IRS Seeks Public Input on Taxing NFTs as Collectibles

US citizens wanting to boost their retirement funds by...

Bored Apes Showcase at the Louvre, Mark History

Despite recent dramas over not showcasing Claire Silver's non-fungible...

Benefits and Risks of NFTs: A Comprehensive Review

Non-fungible tokens (NFTs) have overtaken the world in recent...

Understanding Evolving NFTs: A Close Look at Dynamic NFTs

As non-fungible tokens (NFTs) continue to rise, their applications and functionalities...

EXIT Festival Enters NFT Ticketing with NFT-TiX

NFT-TiX and EXIT Festival tune together for a multi-year...

Balmain Steps into Web3, Drops NFT-Paired Sneakers

Nike isn't the only sneaker brand taking strides in...

Related Posts

The Ultimate Guide to NFT for Dummies [2022 Guide]

NFTs are collectible items that can represent digital content,...

Sony to Introduce NFTs into PlayStation Games

According to a recent patent published by Sony Interactive...

Bored Ape Yacht Club Open First Edition Animated Comic Series

Just before the launch of Bored Ape Yacht Club's...

Yuga Labs Unveils Revolutionary HV-MTL NFT Collection

Yuga Labs launched the HV-MTL NFT collection of 30,000...

Bored Ape Yacht Club Review | 2023 Guide

An in-depth Bored Ape Yacht Club Review Guide. Everything you need to know about Bored Ape Yacht Club NFT Collection.

NFTs and Crypto: The Differences for Web3 Novices

NFTs are singular and unique and not interchangeable like...