Reddit Users Have Submitted Over 5 Million NFT Avatars to Polygon

Reddit’s NFT initiative is integrating users into Web3, with over 4.25 million wallets storing Polygon assets.

Based on information aggregated from the blockchain and shown on a Dune dashboard, the 5 million milestones were reached during the previous day for the Reddit Collectible Avatars NFT project. Neither are they heavily concentrated among high-value NFT collectors (or whales), given the project has over 4.25 million unique wallets in total. Approximately 3.95 million of these wallets include a Reddit NFT.

Reddit, a famous online forum, has announced intentions to deploy NFT avatars in July, using the Ethereum sidechain network Polygon to provide both free and paid avatars. Until now, the great majority of NFTs have been given away as free avatars to the site’s heavy users, who represent millions of different communities (or subreddits).

Reddit has proved to be a big influence in the adoption of NFTs, as an executive stated last week that users have generated more than 3 million Polygon wallets for them.

In October, the Chief Product Officer of Reddit, Pali Bhat, said that over three million Polygon wallets have been established by users in order to store its NFTs. The news caused a jump in pricing and trade for the collection’s premium avatars, resulting in millions of dollars in secondary market sales within days.

Reddit’s premium NFTs saw a short-lived speculative bubble, with just roughly $700,000 worth of transactions in the previous month. Reddit NFTs have generated around $11.85 million in secondary transactions so far, which is much less than the $61.6 million earned by the Bored Ape Yacht Club in the previous 30 days.

Reddit’s NFT initiative is a famous example of how Web2 platforms may encourage potentially large adoption of Web3 technologies through prizes.

In reality, the initiative’s issuance of NFTs has only escalated in recent months. On December 3, over 250,000 Polygon NFTs were issued, establishing a new daily record and surpassing August’s previous single-day high.

Reddit is one of many large corporations expanding on Polygon, including Meta with its Instagram NFT minting venture, Starbucks with its newly-launched Web3 rewards program, and Nike with its upcoming digital fashion platform.

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