Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
Last Saturday alone, 255,000 Reddit Collectible Avatars were minted making it the highest single-day mints on the platform since launch.
Over the last weekend, the social media platform Reddit hit a new milestone with the minting of collectible avatars on the platform. Last Saturday, December 3, Reddit witnessed a new all-time high in the number of Collectible Avatars minted in a single day.
Since Reddit launched the collection earlier this year, more than 4.4 million collectible avatars have been minted. Last Saturday alone, 255,000 Reddit Collectible Avatars were minted.
Reddit uses the term Collectible Avatars for its Polygon-based NFTs. They help Reddit users represent their different avatars on social media platforms. The platform has termed the launch of its Collectible Avatars as a major success in the introduction of NFTs to its mainstream users. Before launching avatars earlier in July, Reddit has already introduced tokenized community points on the platform last year.
However, the company has distanced itself from calling its Collectible Avatars NFTs or linking them to crypto. This could probably be a move to avoid any regulatory scrutiny of the platform.
Furthermore, the Reddit Collectible Avatars sell for a fixed price instead of facing any auctions. Interested parties can buy them only using fiat currencies. While most Reddit users acquire their avatars through minting, some of them have also made their way into secondary markets like OpenSea.
More than 3.4 million holders have at least one collectible in their wallets. So far, Reddit has only 40,000 recorded sales despite the millions of collectibles minted.
To release each collection, Reddit has partnered with independent artists. For the massive single-day minting last Saturday, five sets were responsible. This includes The Singularity (98,000), Aww Friends (57,000), Meme Team (39,000), Reddit Cup 2022 (34,000), and Drip Squad (28,000).
Reddit $10M Market for Customizable Avatars
Despite a major slowdown in the NFTs market, Reddit has managed to create $10 million for its customizable avatars. One reason behind its success was its positioning away from NFTs. During the crypto bull run last year in 2021, the NFTs market turned the wildest.
While the platform launched its Collectible Avatars in July, they were off to a slow start. Things turned around somewhere during the October end with many of Reddit’s most popular collections selling in minutes. During Halloween this year, sales volumes for Reddit’s avatars surged past a massive $10 million.
Reddit has its own community r/collectibleavatars where its posts several news and updates.