Reddit Minted 5 Million NFTs Through The Avatar Initiative

Despite the challenges facing the crypto market, Reddit’s collectible avatars initiative, which was launched in partnership with Polygon, has been a success. To date, over 5 million NFT collectibles have been minted, which has been a bright spot in an otherwise difficult times.

After the initial announcement in July, the avatars quickly gained popularity. A few months later, Reddit Chief Product Pali Bhat revealed that over 3 million Polygon wallets had been created by users. Reddit uses Vault Wallet to store and manage the NFTs directly from the Reddit app, with the majority being created to purchase avatars.

On December 3rd, a new daily record was set with over 250,000 avatar NFTs being minted, surpassing the previous single-day peak from August, which saw just over 200,000. A few weeks later, the total number of avatar NFTs surpassed the 5 million mark, with over 4.25 million unique wallets holding at least one NFT.

The majority of the NFTs minted so far have been free avatars given to highly active users of the site, which has millions of separate communities or subreddits. The avatars enable users to stand out in the comments, give awards, and use them as a profile picture.

Polygon has proven to be a successful platform for several major brands, including Instagram, Starbucks’ recently launched rewards program called Odyssey, and Nike. Through this initiative, Reddit is showing how Web2 platforms, through avatar giveaways, can drive significant adoption in Web3. The initiative’s track record of over 5 million minted NFTs demonstrates the potential of familiar and user-friendly social platforms.