Reddit NFT avatar After the company saw over four million new mints in less than two months, it’s growing in popularity like wildfire.According to data from Dune analysis, the social news aggregator, has created over 9.2 million collectible avatars as of February 8. This is an increase of more than 80% considering that as of December 12, 2022 the platform had only created 5 million of his NFT avatars.
Additionally, the platform saw a 480% increase in the number of multiple NFT avatar holders during the period. Two months ago it was about 306,000, now it’s over 1,789,000. Meanwhile, the number of single NFT holders increased from 563,000 to over 4.5 million, an almost 700% increase. Currently, the total number of collectible avatar holders on Reddit has reached 6.4 million.
Another interesting fact is that 47.4% of collectible avatars are held by whale accounts. Despite being in existence for only a few months, these collectibles are extremely popular and have garnered millions of dollars in sales.
Reddit and Polygon launch NFT marketplace
Last July, Reddit partnered with Polygon to launch an NFT marketplace for online avatars. Fast forward seven months and social media platforms are becoming one of his success stories in the NFT space. Its avatar collection will be built on the Ethereum Layer 2 protocol, which boasts cheap gas prices and fast transactions.
Thanks to Reddit’s new NFT offer, we expect the collectible market to continue its incredible growth, at least for the foreseeable future. The platform recently struck a new partnership with the National Football League (NFL), allowing fans to create Super Bowl-themed NFTs of him for the upcoming finals. A total of 500,000 of his NFTs are available in the colors of finalists Kansas City Chiefs and Philadelphia Eagles.
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Basil is an avid fan of blockchain technology and all its innovations, and is passionate about sharing this story with his audience. He has spent his 5+ years in the crypto space, specializing in research and creating his Web3 content for various media outlets around the world.