Reddit avatars storm through the NFT space
Reddit NFT avatars is catching on like wildfire after the company saw over 4 million new mints in less than two months. According to data from Dune Analyticsthe social news aggregator has featured over 9.2 million collectable avatars as of February 8. That’s an increase of over 80% considering the platform only had 5 million NFT avatars as of December 12, 2022.
In addition, the platform saw a 480% increase in the number of additional NFT avatar holders during the period. Two months ago the figure was around 306,000, but now it is over 1.789 million. Meanwhile, the number of individual holders of NFTs grew by almost 700%, rising from 563,000 to over 4.5 million. Now the total number of Reddit collectible avatar holders is 6.4 million.
Another interesting fact is that 47.4% of collectibles are held by whale accounts. Despite only being around for a few months, these collectibles have proven to be quite popular, managing to rack up millions of dollars in sales volume.
Reddit and polygon launch an NFT marketplace
Last July, Reddit partnered with Polygon to launch an NFT marketplace for online avatars. Fast forward seven months, and the social media platform is proving to be one of the success stories within the NFT space. The Avatar collectibles are minted on the Ethereum layer 2 protocol, which boasts cheap gas fees and fast transactions.
The incredible growth of the collectibles market is expected to continue, at least for the near future, thanks to Reddit’s new NFT offering. The platform recently entered into a new partnership with the National Football League (NFL), allowing fans to create Super Bowl-themed NFTs for the upcoming Finals. In total, there are 500,000 NFTs available that will be dressed in the colors of the competing finalists, the Kansas City Chiefs and Philadelphia Eagles.
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*All investment/financial opinions expressed by NFT Plazas are from personal research and experience of our site moderators and are intended as educational material only. Individuals are required to research all products before making any type of investment.
Basil is an avid fan of blockchain technology and all its innovations, and he is passionate about sharing this narrative with his audience. He has spent over five years in the crypto space, specializing in research and creating Web3 content for various media around the world.
