Understanding the Development of NFT on Reddit

Reddit Avatars has had a lasting impact on the NFT field in less than a year. Cryptocurrency KOL Teng Yan introduced Reddit’s NFT and its performance.

Reddit Avatars are stored on Polygon as a digital wallet called “Vault”. Ownership of avatars allows users to trade, sell, or use them as profile pictures on Reddit, providing a mix of utility and ownership. Despite being a recent entry into the NFT space, Reddit avatars have accumulated more users than active accounts on OpenSea.

Cumulative sales of Reddit avatars are over $32 million, with the 3rd generation avatars ranking in the top 5 traded on Polygon. In the past 10 months since launch, 12.5 million Reddit avatars have been created, with 8.7 million unique owners. 82% of avatars are held in wallets that own only one Reddit avatar. Most users are holding and using their avatars rather than speculating.

Reddit’s successful implementation of NFT avatars demonstrates the potential for large tech companies to effectively utilize NFTs, enabling novel user interactions (such as avatar mashups) and stimulating platform engagement. We will soon see more large tech companies getting involved in NFTs.

Reference: https://twitter.com/0xprismatic/status/1668422161260740611

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