Despite the general market for non-fungible tokens (NFTs) slowing in recent weeks, Reddit’s Collectible Avatars on the 0xPolygon platform have surpassed 20 million.
According to Dune Analytics, more than 20 million Reddit Collectible Avatars have been minted since the collection’s launch in 2022. Some 16.1 million unique wallets contain the NFTs, of which more than 2.2 million have multiple avatars.
There are now over 20 million @Reddit Collectible Avatars on @0xPolygon, owned by 16.1 million holders.
14% of holders have more than 1 Collectible Avatar.@DuneAnalytics dashboard by @0xPolygon https://t.co/0qG9Qa7PJg pic.twitter.com/Ro1tLSfTdI
— NFTgators 🐊 (@NFTgators) August 13, 2023
As of May 31, there were 13.9 million avatars in about 10 million wallets. In just over two months, over 6 million new NFTs have been minted and a similar number of unique wallets have been added to the community.
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Reddit’s July 27 release of its Gen 4 collection boosted avatar holders, with Gen 3 generating sales of over $3.4 million.
Users of the social media network Reddit commonly display Polygon-based digital collectibles as their avatars. Unlike other NFT pieces that are often auctioned, the Reddit avatars are sold for a fixed price and for fiat currency only.
The Gen 4 collection, titled “Retro Reimagined”, included several limited edition releases priced between $4.99 and $199.99 each.
As of August 13, the collection had recorded cumulative transaction volumes of over $40 million and has aided the Polygon ecosystem following the departure of Y00ts, the lead NFT project, to Ethereum.
According to data from Dune, the Polygon NFT marketplace recorded transactions worth more than $13.2 million in the past 30 days, recording its highest single-day volume on August 9 at more than $830,000.
About 53% of that trading action took place on OpenSea, 29% on Dew, 6.1% on Rarible, and 5.3% on MagicEden.
In addition, the Polygon-based NFT marketplaces had nearly 6,000 daily active users over the past 30 days, with July 23 being their busiest day, with 21,600 users.
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