Reddit, the record-breaking crypto community
Redditthe social network that made headlines because of GameStop affair, sets a new record with its crypto community and collectible avatars, a set of tokens based on Polygon blockchain.
The milestone for Reddit is significant. Actually more than 255,000 unique avatars was marked on Saturday, according to data claimed by Dune Analyticsthe platform that turns blockchain data into usable charts and calculations.
This broke the previous record, which had been over 200,000 min in one day, was eclipsed, and the number of Reddit NFT holders increased from 3.5 million to about 4.5 million in just over a month.
Reddit’s staggering digital collectibles: more than $10 million in volume
Following Reddit’s disruptive success in the NFT arena, the social network is responsible for GameStopthe rise hit new records on December 3: as many as 255,000 mints in a single day.
Reddit has made headlines thanks to the staggering price increase of the NFT collections by up to 799%. The previous record of 200,000 daily coins was eclipsed, bringing the number of Reddit NFT holders to 4.4 million wallets.
The vast majority of these belong to users of the social platform.
The numbers eclipsed the previous high of 200,000 in August, nearly a month after the collectibles were released. Specifically, more than 98,000 avatars from “The Singularity” collection was produced, the highest that day, followed by 58,000 avatars from “Aww friends.”
The rapid minting followed a surge in interest in the collection last Thursday, which gradually waned over the following days.
In addition, holders of Reddit’s Digital collectibles has grown from 3.5 million to as many as 4.5 million in just over a month, generating volumes of more than 11 million dollars in buying and selling, mainly on Open sea marketplace.
Digital collectibles in particular reached heights of 175 ETH for individual sales. The rarest tokens were awarded to Reddit users with the highest amounts of Karma, a points system that rewards the most active and most liked users on the site.
More importantly, the figures achieved are a significant milestone, considering that the first collection was launched in July.
According to collected statistics, approx 40,000 NFTs has been sold since launch, highlighting that most Reddit NFT miners have decided to keep the tokens for themselves.
The primary use of these NFTs, released on Polygon’s blockchain, are profile pictures for Reddit users’ avatars, released under the name Digital Collectibles. As the name suggests, which takes care not to use the terms NFT and token, Reddit aims to develop a market dedicated to collecting its avatars modeled after the Snoo mascot, created by various artists who use the social network.
Reddit’s social network: information about the crypto world and Web3
Reddit has for some time been one of the main places to exchange information and news about the crypto world. Actually, on WallStreetBets forum, following the success of $GME, many users have coordinated to create Web3 themed forums.
Unsurprisingly, the first announcement of the collaboration between GameStop and Loopring came on Reddit through a series of posts. Given the great interest in the crypto world on the platform, Reddit’s own founders pushed the social network to implement a series of moves to leverage blockchain technology.
Alexis Ohanian, the platform’s co-founder, created his own cryptocurrency investment fund called Kryptós. In addition, the social network itself has entered into a partnership with Solana worth 100 million dollars to create a decentralized social for Web3.
Apparently, the collaboration between the two began to take advantage of the features of SOL’s blockchain, which boasts speed, low transaction costs, and group trustworthiness. The latest launch of NFT collections comes at the end of a long experiment with the blockchain and is divided into several phases to further exploit the potential of Reddit’s immersion in Web3.
Reddit’s main function: sharing
On Reddit, collectible avatars can be stored and managed on the platform’s crypto wallet, Vaultwhich allows users to earn blockchain-based community points and spend them on in-app features such as badges.
In July, the company said users don’t need an existing crypto wallet to buy avatars, but can use a credit or debit card to buy them. In addition, Reddit did not identify avatars as non-fungible tokens, but said blockchain technology remained part of long-term plans.
More specifically, the social network is characterized by a lot of sharing among users, which is able to shift and influence the tastes and trends of thousands of users. In fact, in Reddit’s new marketplace, users can create wallets as well as create and customize NFTs right in the app.
Finally, they also have the option to display them as profile pictures when users create content on the popular social platform.
