Reddit Avatars Storm Through the NFT Space

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.

Image credit by Dune Analytics

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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*All investment/financial opinions expressed by NFT Plaza are based on the personal research and experience of the site moderators and are intended for educational material only. , the product should be thoroughly investigated.

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