3 mins readReddit is really into NFTs now! You know, those digital thingamajigs called Non-Fungible Tokens. They've already made more than 18 million avatars, can you believe it? And guess what? They just made a whole lot more!
Cool Cats x Reddit. Image: Cool Cats
How It All Started
Let's take a step back for a moment. "How did this all start?" you might ask. Well, Reddit's journey into NFTs has been like a rocket shooting up into the sky. It's been super-duper amazing! They've become one of the top names when it comes to NFTs.
In just one year, Reddit has created over 18 million avatars using something called the Polygon platform. This huge collection of avatars has changed how people interact on the website. It's also opened up new ways for people to own and trade digital stuff.
Retro Reimagined
Now, let's fast forward to the present. Reddit has added a gigantic collection of new NFTs.
They call it "Retro Reimagined." The collection started today and it's a mix of different artistic styles of Reddit's cute little alien mascot, Snoo.
The artists who made these are super talented. Some of them have even had their work shown in previous collections. Others are from the lively Reddit community. That's right, ordinary folks like you and me!
This collection also includes NFTs that were inspired by something called the Cool Cats Profile Picture project. Plus, there are some based on a famous NFT character named Aku, created by Micah Johnson.
Limited Edition and Sold Out
Each avatar in this new collection is super special! They're all limited edition. Some have hundreds, others even thousands of copies. This makes them rare and cool. Their prices are different, too. Some are as cheap as $2.49, and others cost as much as $199.99. People love these avatars so much that many are already sold out!
Reddit had to change how it sells these because of the huge interest. On the first day of the sale, there's a limit on how many you can buy. This stops people from buying lots of NFTs just to resell them later. Reddit also added something called CAPTCHA. It's a tricky puzzle that stops robots from buying up all the avatars.
The Polygon Connection
It's an Ethereum scaling network for Reddit. It is just a fancy way of saying it helps make transactions faster and cheaper. Thanks to it, Reddit was able to launch its Collectible Avatars
There's a lot of variety in Reddit's NFTs. Some avatars cost money and are considered premium. People have traded these for thousands of dollars each!
Reddit has also done some avatars give away over the past year. These free ones make up the biggest part of Reddit's NFTs. Giving these away has helped push the boundaries of owning and distributing digital assets.
A Snapshot of Reddit's NFT Success
Here's a quick look at Reddit's NFT success. So far, about 18.2 million Polygon NFTs have been made, according to data from Dune. They're held by around 14.25 million unique wallets. That's a lot of people using Reddit's NFTs!
People have traded avatars worth about $33.6 million on secondary markets. Most of this happened last fall when Reddit NFTs first became popular. Even though it was just a brief moment of excitement, the project really made its mark in the NFT world.
