Reddit Collectible Avatar recorded a new milestone on the 3rd of December. The platform minted 2,55,000 avatars in 24 hours and broke the previous minting record which was set around August 30. The current minting milestone has broken the previous record during which 2,00,000 avatars were mined in a single day.
What are Reddit Collectible Avatars?
Reddit introduced the “Reddit Collectible Avatar” in June. The primary objective behind introducing the collectibles was to introduce blockchain to the masses. During the introduction of the project, Reddit tried to steer away their project from being labelled as a piece of NFT or crypto. They specifically wanted the avatars to be digital and therefore they termed them “collectibles.”
To maintain the distance from crypto or NFT these “collectibles” are sold at a fixed price in the market instead of going through an auction process. The sale process is finalised with payments being made only in fiat currencies.
This entire strategy has shown results because some of the Collectible Avatars are being traded on various markets which are secondary such as OpenSea etc.
However, the majority of users have acquired the collectibles through the minting process on Reddit.
As previously mentioned that these collectibles aren’t auctioned instead they are sold on the store with a fixed price. The average price of these collectibles in the store ranges from $10 to $100. However these collectibles are gaining massive prices on the secondary market. A collectible set “The Senses” has brought about $25,000 in sales. The rates of the collectibles on the secondary market have surpassed the rates listed on the Reddit store.
The collections are released by Reddit after initiating partnerships with various artists. The record high minting has been attributed to five sets which contributed to the milestone. The five sets of collectibles are Drip Squad (28,000), Reddit Cup (34,000), Meme Team (39,000), Aww Friends (57,000), and the Singularity (98,000).
How to mint Reddit Collectible Avatar NFTs?
Reddit has always tried to steer away from labelling their projects as crypto or NFT. Therefore they have taken care to ensure that the process of mining the Collectibles is gamefied in nature. The Reddit NFTs can be bifurcated into three types ie. Free Reddit NFTs, CryptoSnoos and NFTs curated by independent creators.
These NFTs aren’t auctioned, instead they have to be bought from the Reddit Store. The payments can be done through Reddit Vault, Credit/Debit cards etc. After you buy a Reddit Avatar you also acquire the entire licensing rights of the NFT. These licensing rights provide you with the liberty to use the avatar even beyond Reddit. These avatars are customizable in nature and can be easily iterated. These avatars are integrated on the Polygon network which is a blockchain technology based on Ethereum. The Polygon network charges lower transactional fees.
After the milestone recorded on the platform, the total number of NFTs based on Polygon also known as Reddit Collectible Avatars which are in circulation is around 4.4 Million. However, even after recording such high rates of minting the total number of recorded sales is around 40,000. An in-depth analysis of the data reveals the fact that around 3.4 million users possess a single collectibles in their wallets.