Reddit digital collectible or NFT minting reaches a record high

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

According to data from Polygon analytics on Dune, it brings the overall number of digital collectibles — the term Reddit uses for its Polygon-based NFTs — in use to about 4.4 million.

The polygon-based digital collectibles, which are used as avatars on Reddit’s social networking platform, have been hailed as a successful introduction of NFTs to mainstream consumers.

Reddit announced its intentions to create collectible digital avatars in July after introducing tokenized community points earlier in the year.

The corporation made an effort to set the service apart from NFTs and cryptocurrencies. Instead of going up for auction, the pieces are sold for a set price, and only fiat money can be used to purchase them.

NFTs were not mentioned in the statement.

It appears that the plan worked. While some of the digital collectibles have appeared on secondary markets like OpenSea and seen huge price increases, the majority of their owners get them through Reddit minting.

Despite the millions of collectibles that have been produced, there have only been about 40,000 recorded sales to date. One collectible is all that more than 3.4 million holders have in their pockets.