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Reddit digital collectable minting has reached an all-time high

Reddit digital collectable minting has reached an all-time high

On Saturday, about 255,000 Reddit digital collectibles were minted, breaking the previous record of more than 200,000 minted on both August 30 and August 31.

This takes the total number of digital collectibles — the term Reddit utilizes for its polygon-based NFTs — in circulation to roughly 4.4 million, according to statistics from polygon analytics on Dune.

The polygon-based digital collectible utilized as avatars on the social networking platform Reddit has been lauded as a successful introduction of NFTs to mainstream consumers. After releasing tokenized Community Points the previous year, Reddit revealed its ambitions for digital collectible avatars in July.

The corporation made an effort to steer the offering away from NFTs and cryptocurrencies. The artifacts are fixed-priced rather than auctioned, and only fiat currencies are accepted as payment. In its statement, no mention of NFTs is made.

The strategy appears to have been successful. While several digital collectibles have entered secondary markets like as OpenSea and their minimum prices have increased, the majority of collectors still acquire them through Mint on Reddit.

Despite millions of collectible objects being produced, there have only been roughly 40,000 recorded sales to date. There is only one collectible in the wallets of more than 3,400,000 individuals.

In order to release each collection, Reddit collaborates with independent artists. The Singularity (98,000), O Friends (57,000), Meme Team (39,000), Reddit Cup 2022 (34,000), and Drip Squad (28,000) were the five sets that established records for mints on Saturday .

About Nicolle

She is an Indian Freelance writer. She loves thinking, learning, and writing about all things Web3.

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