Number of Reddit NFTs created in 1 day hits record

The social media platform Reddit launched their own in July this year non-fungible tokens (NFT) which the platform also calls “collectible avatars.” It uses the layer-2 scaling solution Polygon (MATIC) for it mint of these NFTs and they are released through their own marketplace. The platform collaborates with several independent artists to create new collections and users can use them as a profile picture on the platform, among other things.

Reddit NFTs

That Reddit’s NFTs are a success is another understatement. For example, you could read earlier in the NFT news that there were already almost 3 million unique wallets that owned the Reddit NFTs at the time. Meanwhile, data from Dune shows that there are already more than 4.4 million avatars in circulation. Last Saturday, no less than 255,000 new avatars were minted, which is also a new one all time high is.

Simply put, minting an NFT is the process of converting the digital file into a digital asset on the blockchain. The NFT is thus literally ‘made’.

The NFTs can of course also be obtained on external second-hand NFT marketplaces such as OpenSea, but by far most of them are obtained by minting on Reddit. To date, there have been ‘only’ 40,000 registered sales, despite the millions that have now been minted.

However, the social media platform has deliberately chosen to speak of collectible avatars rather than NFTs. Also, the avatars are sold for a fixed price instead of being auctioned and can only be paid with fiat currency. With the introduction of these collectible avatars, Reddit seems to be bringing millions of people worldwide into the world of NFTs, without people realizing it.

Reddit more popular than OpenSea

Earlier you could read that Redditors had already created more wallets than OpenSea, the largest NFT trading platform. According to the Chief Product Officer Pali Bhat, Redditors had already created more than 3 million wallets, while OpenSea has ‘only’ 2.3 million active wallets. Based on this statistic, the forum platform would therefore have already dethroned the largest NFT marketplace.