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Reddit’s NFT Collection Hit Record With 255,000 Of Its “Avatars” Minted In One Day

Reddit’s nonfungible token (NFT) collection hit another milestone on December 3, with a record 255,000 of its “avatars” minted in one day. The new minting record beat the previous all-time highs on August 30 and 31, which saw just over 200,000 Reddit avatars minted each day.

It has been reported that 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. 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.

However, with the record mint day, Reddit’s Polygon-based NFTs now boast around 4.4 million in circulation, according to data from Dune Analytics. 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 report said that the sales volume of the collectibles recently hit an all-time high of $2.5 million on October 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.

Likewise, the European Union’s foreign aid department is understood to have dished out nearly $408,000 (€387,000) on a metaverse and hosted a party on November 29 to celebrate, but only six people reportedly turned up.

The EU-crafted metaverse was made to promote it’s “Global Gateway” initiative that aims to develop and build infrastructure in developing nations.

Thus, according to an EU spokesperson, the target audience for its metaverse is 18 to 35 year olds, “who identify as neutral about the EU and are not particularly engaged in political issues,” and the promo video was “to intrigue that audience, primarily on TikTok and Instagram” and encourage them to engage with the campaign.

Source: Cointelegraph


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