255K Reddit NFTs Minted in a Single Day December 5, 2022 December 5, 2022 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Market NewsDecember 5, 2022 by Kelly Cromley

255K Reddit NFTs Minted in a Single Day

Reddit’s nonfungible token (NFT) series reached a new landmark on December 3, when a record number of 255,000 “avatars” were created in a single day. The earlier record was set on August 30 and 31, when slightly more than 200,000 Reddit avatars were created ever day.

NFTs are typically utilized as the user’s persona on the social networking site and are made by a variety of freelance artists who also utilize the platform. On the day of the collection’s introduction in July, it was generally viewed as a strategy to promote the widespread use of blockchain technology, despite the fact that Reddit did not accept cryptocurrency for sales of the avatars but rather referred to them as digital “collectibles” instead of NFTs. As per Dune Analytics statistics, Reddit’s Polygon-based NFTs currently have a circulation of about 4.4 million after the landmark mint day.

Regardless of the number created, Dune data indicates that little more than 40,000 Reddit avatar NFTs have been traded since its inception, while there are more than 3.7 million avatar owners, showing that the majority opt to keep onto their NFTs.

On October 24th, the transactopm volume of the series reached a new historical high of $2.5 million among 1,991 customers. On secondary NFT markets such as OpenSea, a portion of the rarest Reddit NFTs fetch top dollar, with the most costly exchanging hands for more than $300, while the platform’s primary marketplace sees values near $50.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.