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Reddit Crypto News

The NFT project for Reddit&#8217;s Collectible Avatars has gained significant traction within the crypto community and surpassed expectations by achieving remarkable milestones. The minting of these NFTs has crossed an impressive threshold, with over 20 million units now available.



On the popular social media site, unique avatars in the form of digital tokens have gained massive attention from collectors and enthusiasts. The project has been successful, evident from the cumulative sales transaction volume, which has surpassed an impressive $40 million. This significant number emphasizes the high demand for Reddit Avatars in the NFT market.



It is worth noting that Reddit Avatars have gained a large following, with more than 16.3 million people holding them. This widespread adoption among the community demonstrates the project&#8217;s popularity and broad appeal.



Reddit recently launched its Generation 4 Avatars on July 27 to improve the user experience and keep innovating. This update has made the platform even more attractive and is predicted to further boost its already impressive sales performance.



The latest version of Reddit Avatars, now in its third generation, has performed exceptionally well, with sales transactions exceeding $3.4 million. This NFT project has been gaining popularity among enthusiasts and investors, highlighting the changing world of digital collectibles and the increasing demand for unique and valuable virtual assets.



It is worth mentioning that by the end of May, more than a million users have Reddit NFTs on Polygon. Currently, the market capitalization of Reddit NFTs is $38,795,505, with a volume of oversells hitting $40,551,669 with 20,323,749 collectible avatars.

Reddit NFTs

Redditors Minted 20 Million NFTs as Avatars on Polygon

At least three million users shifted to the crypto world using Reddit, Reddit Chief Product Officer Pali Bhat said.



Redditors created over three million Reddit Vault wallets to buy and sell NFT avatars, which are based on the platform&#8217;s Snoo character, since its initial release in July 2021, Bhat noted.



About 2.5 million users are active in buying and handling NFT avatars that can be used as profile pics on the platform.



While speaking at a panel at TechCrunch Disrupt in San Francisco, Bhat pointed out that Reddit earned $350 million as revenues last year and sees about 50 million daily active users, according to the company.



In July, Reddit collaborated with 30 independent artists to release around 40,000 NFT avatar designs to be offered for purchase on its marketplace with prices ranging from $9.99 to $99.99, all of which had been sold, according to Tech Crunch website.



Users who bought one of the limited-edition pics got licensing rights to use it on and off of Reddit as an avatar.



Reddit partnered with Polygon, a decentralized Ethereum scaling platform, to mint the avatars to create NFTs, which are being sold through Vault, which stores and manages NFTs through the Reddit app.



According to the tech website, it is hard to know the accurate number of users who have crypto wallets, as not all the NFT marketplaces share such type of figures. However, a recent report issued by Dune Analytics estimated that OpenSea, one of the prominent platforms, was hosting over one million active wallets as of January, while crypto wallet MetaMask was serving over 30 million users as of March.

Reddit Crypto News

Latest Reddit Crypto News