Reddit Avatars Storm Through the NFT Space

Reddit NFT avatars are catching on like wildfire after the company saw over 4 million new mints in less than two months. According to data from Dune Analytics, the social news aggregator has over 9.2 million collectible avatars minted as of February 8. That is an increase of over 80% considering the platform had only 5 million NFT avatars minted as of December 12, 2022.

Additionally, the platform saw a 480% increase in the number of multiple NFT avatar holders within the period. Two months ago, the number stood at about 306,000, but now there are over 1.789 million. Meanwhile, the number of single NFT holders grew by almost 700%, rising from 563,000 to over 4.5 million. Now the total number of Reddit collectible avatar holders stands at 6.4 million.

Another interesting fact is that 47.4% of the collectible avatars are held by whale accounts. Despite existing for only a few months, these collectibles are proving quite popular, managing to rake in millions of dollars in sales volume.

Reddit And Polygon Launch An NFT Marketplace

Last July, Reddit struck a partnership with Polygon to launch an NFT marketplace for online avatars. Fast forward seven months, and the social media platform is turning out to be one of the success stories within the NFT space. Its avatar collectibles are minted on the Ethereum layer 2 protocol, which boasts cheap gas fees and fast transactions.

The incredible growth of its collectible marketplace is expected to continue, at least for the near future, thanks to Reddit’s new NFT offer. The platform recently struck a new partnership with the National Football League (NFL), allowing fans to mint Super Bowl-themed NFTs for the upcoming final. In total, there are 500,000 NFTs available that will be dressed in the colors of the competing finalists, the Kansas City Chiefs and Philadelphia Eagles.

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*All investment/financial opinions expressed by NFT Plazas are from the personal research and experience of our site moderators and are intended as educational material only. Individuals are required to fully research any product prior to making any kind of investment.

Basil is an avid fan of blockchain technology and all its innovations, and he is passionate about sharing this narrative with his audience. He has spent over five years in the crypto space, specializing in research and creating Web3 content for various media outlets around the globe.