Reddit Digital Collectibles Hit a Record High of 255,000 Avatars Minted

Reddit’s nonfungible token (NFT) collection hit another milestone on December 3 with a record 255,000 of its “avatars” minted in one day.

Reddit has established communities and members, and NFT sales are just one step further to making existing communities more engaged.

The new minting record beat the previous all-time highs on August 30th and 31st, which saw just over 200,000 Reddit avatars minted each day.

The NFTs are primarily used on the social media platform as a users’ avatar and are created by a number of independent artists that use the platform. I do not think NFTs will have any significant impacts on the existing communities but to create hype for people to collect NFTs that they can show off.

At the time of the collection’s launch in July, it was widely seen as a way to boost mainstream adoption of blockchain technology as Reddit shied away from using crypto for purchases of the avatars and chose to call them digital “collectibles” instead of NFTs. The first season of collectibles is unique, but the second season was purely hyped because many were missing out on the first season.

That being said, the second season NFTs are less likely to be sold at high value compared to the first season. With the record mint day, Reddit’s Polygon Matic -based NFTs now boast around 4.4 million in circulation, according to data from Dune Analytics.

However, despite the amounts minted, Dune data shows just over 40,000 Reddit avatar NFTs have been sold since their launch,  and there are around 3.7 million holders of avatars indicating that most choose to hold onto their NFT.

The sales volume of the collectibles recently hit an all-time high of $2.5 million on Oct. 24 across 1,991 buyers.

Some of the rarer Reddit NFTs have seen premium prices on secondary NFT marketplaces such as OpenSea with some of the most expensive selling for over $300, while the platform’s own marketplace sees prices of around $50.