Reddit breaks record for mined NFTs- The Cryptonomist

Good news for the Reddit platform, which breaks the record with the most NFTs minted on the platform, which has been in the crypto ecosystem for a while now. As many as 255,000 NFTs were minted in a single day, the number of Reddit NFT holders increased from 3.5 million to about 5 million. 

This is another major step forward for the world of NFTs, which is experiencing extraordinary form as much online as offline.

Reddit had been making headlines thanks to the staggering price increase of its NFT collections reaching surges of 799%. The previous record of 200,000 daily mints was eclipsed bringing the number of NFT Reddit holders to 4.4 million wallets. These overwhelmingly belong to users of the social platform.

Reddit’s social media is very connected with the cryptocurrency world, with millions of users having always exchanged news and information regarding the ecosystem. Seeing the great interest in the crypto world on the platform, it was inevitable that Reddit’s own founders and managers would take an interest in this world, prompting their social network to implement a series of moves to take advantage of blockchain technology.

Reddit’s crypto community broke records by minting 5 million NFTs

The Reddit Collectible Avatars NFT initiative has surpassed 5 million in the past 24 hours, according to blockchain data curated on a Dune dashboard. Nor are they heavily concentrated among high-value NFT collectors (or whales), as the project has more than 4.25 million total unique wallets. About 3.95 million of these wallets contain a single Reddit NFT. 

In July 2022, the popular online discussion platform Reddit announced its collaboration with the Polygon network and their intention to launch NFT avatars. Through the Polygon network offer both free and premium NFT avatars. 

Home to countless online forums and communities, the website partnered with independent artists to create unique avatars that Reddit users could purchase for a fixed price and customize with equipment, earning the creators a slice of the sales.

The project was a huge success right away, and has now come to break several records.

Reddit NFTs are a great example for other Web2 platforms

All told, Reddit’s NFTs have yielded about $11.85 million in secondary trades to date, well below top-traded projects such as the Bored Ape Yacht Club, which has etched $61.6 million in the past 30 days alone.

Reddit’s NFT program remains a notable example of how Web2 platforms can spur potentially massive adoption of Web3 technology through giveaways.

Partnering with Polygon‘s network has been done by several other major brands besides Reddit: Meta with its NFT Instagram minting initiative, Starbucks with its newly launched Web3 rewards program, and Nike with its upcoming digital apparel platform.

In addition to adding NFT functionality to avatars, Reddit also launched a trial for a crypto version of its Community Points in December:

“Community Points are the first step toward a different future for online communities. These tokens live on the blockchain, which means they are truly owned by the community. Over time, your community will benefit from even more control and independence, inside and outside Reddit.”