Reddit, the American social news and content aggregator, hits an all-time high in minting NFT avatars by having over 2,55,000 minted in a day, approximately 55,000 more than the previous record set on August 30-31.
In July, Reddit launched its limited-edition NFT avatars, created by independent artists. Initially, Reddit evaded using cryptocurrency to pay for avatar purchases and referred to them as digital “collectibles” instead of NFTs. Thus, the collection was generally viewed as a strategy to encourage the widespread adoption of blockchain technology.
Within the next few months, Reddit’s NFT avatar trading volume touched US$1.5 million, as per a Dune Analytics and Polygon report. The surge in avatar trading accounted for more than a third of the total volume (US$4.1 million), while the daily sales of digital collectibles also skyrocketed to 3,780.
On secondary NFT marketplaces like OpenSea, some of the costly Reddit NFTs have sold for over $300, while the platform’s own marketplace only reports values of approximately $50.