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.”

Among this week’s new NFT launches and news, we find exclusive new features such as the NFT projects of Habbo, Prada, Ledger, Sorare and Reddit. 

The digital world evolves so quickly that it is often almost impossible to follow the latest news and discover it at the right time. To be there a moment before something “explodes” economically, taking on value that most of the world had not imagined, is the dream of every modern investor. 

Habbo, Prada, Ledger, Reddit and Sorare

From the announcement of the launch of Habbo’s collections on OpenSea to Prada’s seventh NFT collection, this week was full of exclusive news for the Non Fungible Token world. In parallel, NFTs on the Reddit platform reached their all-time high in the bear market period, Lionel Messi joined Sorare’s shareholders, and Ledger assembled a ready-to-launch NFT collection. 

Here are the week’s latest news and launches regarding the world of NFTs.

HABBO X was released on 1 December

Habbo is a vintage pixel-art-style virtual community where you can create your own avatar, meet new friends, chat, build Rooms, design Games and play with other users, and much more. The Habbo X platform, focused mainly on NFTs, has been launched on 1 December. Announced as early as April 2022, Habbo X is a new fully integrated Web 3 server. The project aims to create a new hotel (in the metaverse) for socializing in a world powered by NFTs. 

With a focus on NFTs, Habbo X represents the company’s plan to focus on play-to-earn and tokenomics, where it will issue NFTs that players will be able to buy, own, or resell if they wish. Players will be able to own their own rooms in the hotel world and create their own monetized play-to-earn games.

Habbo X will become a distinct space where the Habbo and NFT communities can mingle.

Valtteri Karu, CEO of Sulake, said in an interview:

“Habbo has always been at the forefront of creating virtual communities for gamers and social creators, and we want to lead this change with the adoption of new blockchain technologies. Our goal is to maintain Habbo as a social pioneer of the endless possibilities available in the Web 3.0 metaverse.”

Prada and its new NFT collection dedicated to Christmas

Prada, in celebration of the holiday season, launched its new special sweater that is part of the Timecapsule series, a project of the brand that releases one new product per month. For the holiday season, the luxury house went all out by invoking Christmas feelings with a warm merino wool garment.

It is a luxury garment, costing $3750, which was made available for about 24 hours in only 50 pieces, in keeping with the traditions of the Timecapsule collection. Obviously, the Christmas sweater sold out in no time, partly because owning such a rarity allows one to enter the world of NFTs. In fact, each of the 50 sweaters is sold paired with an associated NFT, which will be delivered 45 days after the item’s purchase.

Reddit breaks record for minted NFTs

Good news for the Reddit platform, which breaks the record with the most minted NFTs on the platform. 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 4.5 million. This is another major step forward for the world of NFTs, which is experiencing a remarkable moment both online and offline.

Reddit had been making headlines thanks to the staggering price increase of its NFT collections reaching excesses 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 mostly belong to users of the social platform.

The Reddit social network is very connected with the world of cryptocurrency, with millions of users exchanging news and information regarding the ecosystem since time immemorial. Given the great interest in the crypto world on the platform, it was inevitable that the founders and managers of Reddit themselves would take an interest in this world, prompting their social network to implement a series of moves to take advantage of blockchain technology.

Ledger is planning to assemble a collection of NFTs

Ledger, a hardware wallet development company aims to launch a new collection of NFTs. The company has also created an internal working group and a non-profit fund to support artists.

The idea of diversifying its activities, through NFTs tantalizes Ledger’s mind; the desire to involve the company in more projects is a long-term goal of the executives. 

Jean Michel Pailhon, the chief curator of the Ledger NFT Art collection, sees NFTs as the next big art trend, taking the influence of the Beatles in the 1960s or rap in the 1990s as a point of comparison:

“Similarly, we believe that the 2020s will be remembered as the decade of NFTs, triggering a secular trend of mass adoption of digital art. By 2030, NFT artists will be among the most popular and successful contemporary artists.”

Leo Messi invests in Sorare and becomes ambassador

The Argentine legend has purchased an equity stake in the blockchain-based fantasy game, beginning a business partnership. Leo Messi and Sorare, one of the greatest players in soccer history and the highly successful blockchain-based fantasy game, have started a new commercial collaboration.

Indeed, La Pulga has purchased an equity stake in the French company, becoming its de facto ambassador. This new partnership will lead to the striker providing content and experiences for fans on the non-fungible token (NFT) trading platform, with the huge spotlight given by the FIFA World Cup Qatar 2022 in the background.

Nicolas Julia, CEO and co-founder of Sorare, said:

“We believe Messi will help us set new standards in the way we do this work, and we look forward to sharing soon the new content and fan experiences we are collaborating on.”

Reddit, the social network that made headlines due to the GameStop affair, is setting a new record with its crypto community and the collectible avatars, a set of tokens based on the Polygon blockchain. 

The milestone for Reddit is significant. Indeed, more than 255,000 unique avatars were minted Saturday, according to data claimed by Dune Analytics, the platform that turns blockchain data into usable charts and metrics. 

Thus, the previous record, which had just over 200,000 mints in one day, was eclipsed, and the number of Reddit NFT holders rose from 3.5 million to about 4.5 million in just over a month. 

Reddit’s mind-boggling Digital Collectibles: more than $10 million in volume

Following Reddit’s disruptive success in the NFT arena, the social network responsible for GameStop‘s rise broke new records on 3 December: as many as 255,000 mints in a single day. 

Reddit has been making headlines thanks to the dizzying price increase of its NFT collections by up to 799%. The previous record of 200,000 daily mints was eclipsed bringing the number of Reddit NFT holders to 4.4 million wallets.

The vast majority of these belong to users of the social platform.

The figures eclipsed the previous high of 200,000 in August, nearly a month after the collectibles were posted. Specifically, more than 98,000 avatars from “The Singularity” collection were produced, the highest on that day, followed by 58,000 avatars from “Aww Friends.” 

The rapid minting followed a spike in interest in the collection last Thursday, which gradually declined in the following days. 

In addition, holders of Reddit’s Digital Collectibles have grown from 3.5 million to as many as 4.5 million in just over a month, generating volumes of more than $11 million in buys and sells, mainly on the OpenSea marketplace. 

In particular, Digital Collectibles reached heights of 175 ETH for individual sales. The rarest tokens were given to Reddit users with the highest amounts of Karma, a point system that rewards the most active and most liked users within the site. 

Importantly, the numbers achieved are a considerable milestone, considering that the first collection was launched in July.

According to statistics gathered, about 40,000 NFTs have been sold since their launch, highlighting that most Reddit NFT miners have decided to keep the tokens for themselves.

The primary use of these NFTs, released on Polygon’s blockchain, is that of profile images for Reddit users’ avatars, released under the name Digital Collectibles. As its name suggests, which takes great care not to use the terms NFT and token, Reddit aims to develop a market dedicated to collecting its avatars modeled after the Snoo mascot, created by various artists who use the social network.

Reddit’s social network: information about the crypto world and Web3 

For some time now, Reddit has been one of the main places for exchanging information and news about the crypto world. Indeed, on the WallStreetBets forum, following the success of $GME, many users have coordinated to create Web3-themed forums. 

Not surprisingly, the first announcement of the collaboration between GameStop and Loopring came on Reddit through a series of posts. Given the great interest in the crypto world on the platform, Reddit’s own founders pushed the social network to implement a series of moves to leverage blockchain technology. 

Alexis Ohanian, the platform’s co-founder, created his own cryptocurrency investment fund called Kryptós. In addition, the social web itself has entered into a partnership with Solana worth $100 million to create a decentralized social for Web3. 

Apparently, the collaboration between the two started to take advantage of the features of SOL’s blockchain, which boasts the speed, low transaction costs, and group reliability. The most recent launch of NFT collections comes at the end of a long experiment with the blockchain and is divided into multiple phases to capitalize more on the potential of Reddit’s immersion in Web3. 

Reddit’s main feature: sharing 

On Reddit, collectible avatars can be stored and managed on the platform’s crypto wallet, Vault, which allows users to earn blockchain-based community points and spend them on in-app features such as badges. 

In July, the company said that users do not need an existing crypto wallet to buy avatars, but can use credit or debit cards to purchase them. In addition, Reddit did not identify avatars as non-fungible tokens, but said blockchain technology remained part of its long-term plans.

Specifically, the social network is characterized by a great deal of sharing among users, which is able to shift and influence the tastes and trends of thousands of users. In fact, in Reddit’s new marketplace, users can create wallets as well as mint and customize NFTs directly in the app. 

Finally, they also have the ability to display them as profile images when users create content on the popular social platform.

On Monday, trading volumes for NFT avatars on the Reddit platform, the community website made famous by the Gamestop affair a year ago, hit an all-time high at $1.5 million in trades.

Yesterday Reddit Avatars did as much volume (~1900 ETH) as all the ETH NFT volume on Blur, LooksRare, x2y2, LarvaLabs, and SudoSwap combined. pic.twitter.com/C2rbpiZuQU

— NFTstatistics.eth (@punk9059) October 25, 2022

The new NFT avatar marketplace on the Polygon blockchain was launched by Reddit in July. The service gives users of the social network the ability to buy NFT avatars on the dedicated platform and artists to upload and sell them, even without owning a cryptocurrency wallet.

Last week a Reddit manager spoke about the creation of about 3 million Polygon wallets expressly dedicated to Reddit NFT avatars. And he also reported that currently there would already be as many as 3 million NFT avatars in circulation. Average sales are around $206 per work and 3.83% of NFT avatars are owned by so-called whales.

Reddit Avatar collectibles currently stand at $3.5M in volume from 16.9K sales, averaging $206 per sale. 3.83% of avatars are owned by whales.@DuneAnalytics dashboard by polygon_analytics. pic.twitter.com/AuE7Lfsu8P

— NFTgators (@NFTgators) October 24, 2022

Market trending upward

Considering that Reddit currently has about 52 million active users around the world, one can see how the prospects for this new marketplace are very encouraging. 

A company post reads:

“Reddit avatars are created by independent artists and are minted as NFTs on the Polygon blockchain. Users can purchase these collectibles on Vault, Reddit’s cryptocurrency wallet. They can then be worn and displayed as photos of profile when users create content on the popular social media platform.”

The success has been surprising and perhaps even amazed the creators of the project themselves. According to data from OpenSea’s secondary market for non-fungible tokens (NFTs), Reddit’s NFT collections have reportedly surpassed in popularity the most well-known NFT collections. 

Spooky Season, to cite one example, a series of collectible avatars created on Reddit’s platform, currently has a trading volume of 538 ETH (about $760,000), just behind the Bored Ape Yacht Club’s memorable NFT collection, which currently stands at 642 ETH (about $906,000). According to OpenSea, the Spooky Season collection has seen a 121% increase in the last 24 hours.

Record sales of NFT works on Reddit

According to analytics platform Dune Analytics, total sales of NFT avatars on Reddit reportedly exceeded $6 million. Evidently as reported by some artists who decided to put their works for sale on Reddit, this social is characterized by a lot of sharing among users, which is able to shift and influence tastes and trends of thousands of users.

Furthermore, according to data obtained from Dune Analytics, the works exchanged daily also reportedly set a record in recent days with more than 4,000 works exchanged on the Reddit platform

Some works on Reddit have already reached substantial figures of several thousand dollars, while some works have prices even at or below the price of 0.01 ETH.

the special feature of Reddit’s new marketplace is that it allows users to create wallets, mint and customize NFTs directly in the app. Users also have the option of displaying them as profile images when users create content on the popular social media platform.

The Reddit platform and the NFT market

Yet despite this incredible feat of avatars on Reddit, perhaps due in part to the novelty or the fact that the community is very strong and thus serves to drive sales, the NFT market has dropped a great deal in these first nine months of 2022.

In fact, according to a recent report, after the disappointing results recorded in the second quarter, the third quarter was still negative in terms of NFT volume and sales.

Indeed, in the third quarter, sales volume dropped by 75% compared to the previous quarter, which was already down by 25%.

After the boom of 2021 with sales reaching $17 billion with a 21000% increase, now the market seems to have fallen into a crisis that to some seems irreversible. But is this really the case?

The future of NFTs

The moment is certainly complicated as it is for the crypto market in general, but surely even the same results recorded by Reddit and its platform could in a way show some tentative signs of awakening.

Recent research by the analyst firm, Verified Market Research (VMR), for example, predicts a very profitable future for non-fungible tokens.

According to the report published by the global consulting and research firm, the total value of the NFT market is expected to rise to $231 billion by 2030.

According to the 200-page report, the growth rate of NFTs is expected to be 33.8% per year over the next eight years.

Thus it is difficult to make predictions about a market that is so volatile and tied to contingencies of the moment and also the fads that are circulating in the industry.

What seems certain is that NFTs are looking for interesting new outlets in such as those related to sports and major events related to it.

The world of soccer, basketball, and American football has been experimenting with the sale of merchandising items with this new system with great success for some time now, and the results seem quite comforting for now. 

Reddit has launched the Avatar NFT marketplace on the Polygon Blockchain, to be used as a profile image. Artists will be able to create and sell their Non-Fungible Tokens, while users will be able to buy them even without having a crypto wallet.

Reddit and NFT Avatar marketplace developed on Polygon

The US-based social network Reddit has launched its Avatar NFT marketplace that will give artists the ability to create and sell their Non-Fungible Tokens, and users the ability to buy them and use them as a profile picture, even without needing a cryptocurrency wallet. 

Reddit has reportedly chosen Polygon Blockchain to make its Reddit Avatar Builder portal available to artists. Not only that, as opposed to the already available free Reddit Premium avatars, artists will now be able to sell their NFTs directly on the social platform. 

Indeed, each avatar has a fixed price and is purchasable with fiat currencies and will soon be available, in a limited edition, for purchase in the Reddit Avatar Builder, with proceeds going to the artists who designed them.

Currently, Reddit users (the redditors) will have early access to the r/CollectibleAvatars community. In this community, people can learn more about how to buy collectible Avatars, create wallets to store them, and get to know the artists with behind-the-scenes posts, AMAs, and more.

Reddit wants to empower artists through NFTs

What the US-based social network is doing is testing the benefits of blockchain through its platform, with the goal of empowering artists through NFTs. 

Specifically, here is how Reddit describes it:

“From the start, our goal has been to empower artists to create and sell their work. Artists will get paid for every Collectible Avatar that sells on Reddit, less any fees, and are also entitled to receive royalties from secondary sales of their Collectible Avatars on open marketplaces”.

The new service for selling collectible Avatars, will be available to everyone in the coming weeks. 

Not only that, to store and manage the collectible Avatars, redditors will use their Vault, a blockchain-powered wallet on Reddit. The Vault provides users with a specific digital wallet address that runs on all Ethereum-compatible blockchains; it is the same Vault where redditors currently store Community Points.

The integration of NFTs issued on the Ethereum blockchain

A few months ago, just after Twitter’s initiative with its profile image in NFTs, Reddit had already started integrating NFTs issued on Ethereum blockchain. 

Made available for sale on OpenSea, the first NFT collection “Reddit CryptoSnoos” were already usable avatars within the American social platform. 

In that instance, however, redditors could only proceed by linking their MetaMask wallet to their Reddit account to display their CryptoSnoos collectibles on the platform.