Reddit’s non-fungible tokens (NFTs), created on the layer-2 network Polygon, have experienced an impressive surge, reaching over 20 million even amidst a relative lull in the broader NFT market.
Data from Dune Analytics, as of Monday morning at 9:00 UTC, showed that since the project’s inception in July 2022, a staggering 20,323,749 collectible avatars have been minted. These are now distributed among 16,361,793 individual holders.
These Collectible Avatars are distinctive digital assets crafted by independent artists in collaboration with Reddit.
The period spanning August 13, 2022, to August 13, 2023, witnessed a dramatic growth in the number of holders, escalating by a whopping 118,074%. Notably, of these holders, over 14 million possess just a single avatar.
The sales momentum for Reddit’s Collectible Avatars NFTs has been strong, approaching a total of $40.6 million.
Currently, the market capitalization of these avatars hovers slightly below $38.8 million. The total revenue from primary sales stands at $6.48 million.
A new series of Collectible Avatars, termed “Gen 4” and dubbed ‘Retro Reimagined’, was recently unveiled on July 27. This introduction marked the most significant expansion to Reddit’s limited-edition NFT assortment to date.
As of now, 39,978 of these Gen 4 avatars have been minted, with 12,753 individual minters participating in the process. The total number of holders for this generation is slightly higher at 12,765.
The primary sales for the Gen 4 avatars have reached $845,210, complemented by 4,015 transactions in secondary sales.
For Generation 3, the total sales volume has surpassed $3.41 million. This includes 35,090 transactions, with 9.37 million Gen 3 avatars being minted. These avatars are now distributed among 41,684 holders, of which 23,825 individuals hold just one avatar.
Commenting on these remarkable figures, Polygon’s founder, Sandeep Nailwal, expressed his views on Sunday. He noted that the offerings within its ecosystem, including the Reddit Avatars, are “silently achieving ‘magic inflection points’ in their growth trajectory.”
NTFs Still Making News
While NFTs might not be the hot topic they once were, they remain a significant presence in the digital world and continue to generate buzz.
A testament to their ongoing impact is the revelation by Claire Elise Boucher, the artist more commonly known as Grimes. She recently disclosed that her NFT collection sales garnered around $6 million, a sum that eclipses what she’s earned over her entire musical journey.
In related news, cryptocurrency exchange Coinbase inaugurated the multi-week ‘Onchain Summer’ event, heralding the debut of its eagerly awaited Layer 2 network named Base. This event saw participation from notable projects, decentralized autonomous organizations (DAOs), and even mainstream corporations like Coca-Cola. This collaboration provided an avenue for participants to secure special NFTs in celebration of the launch.
Beeple, renowned for his groundbreaking $69 million NFT sale, made headlines again by purchasing his inaugural profile-picture (PFP) NFT. He chose CryptoPunk #4593, which cost him ETH 113.69, equivalent to approximately $208,463 at the time of the transaction.
In another remarkable NFT-related initiative, Game4Ukraine, a charity soccer match endorsed by Ukrainian President Volodymyr Zelenskyy and scheduled for August 5, embarked on a fundraising journey. They monetized customizable jersey NFT artwork, with Cheeer, the event’s licensed partner, facilitating the sales.
With all these developments unfolding in merely the initial days of August, it’s evident that the momentum behind NFTs isn’t waning – they’ve firmly cemented their place in the digital landscape.
