Reddit’s NFT avatar project hits over 5 million collectibles minted

Reddit’s tokenized avatar project on the Polygon network has reached a new milestone, with over 5 million collectibles minted.

The milestone was reached in the previous day, according to data aggregated from the blockchain and shown on a Dune dashboard.

Moreover, the project has over 4.25 million distinct wallets, indicating that the NFTs are not concentrated among high-value collectors.

Reddit announced in July that it would offer NFT avatars using the Ethereum sidechain network Polygon to distribute both free and premium avatars.

Most NFTs created so far have been free avatars given out to users of the site. The announcement of the NFT avatars caused a rapid increase in demand for and trading of the collection’s premium avatars, resulting in millions of dollars in secondary market transactions in just a few days.

However, only roughly $700,000 in transactions have occurred over the past month, showing that the market hype surrounding Reddit’s premium NFTs was short-lived.