Minting of Reddit Avatar Tokens Climbed to Record High Over Weekend

The Polygon blockchain-based collection has 3.4 million holders, all of them Reddit users.

AccessTimeIconDec 5, 2022 at 11:17 a.m. UTC
Updated Dec 5, 2022 at 7:27 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Collectible Avatars, a set of art tokens based on the Polygon blockchain by social network Reddit, set a minting record of more than 255,000 unique avatars on Saturday, data queried by Dune Analytics shows.

The figures eclipsed the previous high of 200,000 in August, nearly a month after the collectibles went live. More than 98,000 avatars from “The Singularity” collection were produced, the most on that day, followed by 58,000 avatars from “Aww Friends." The rapid minting followed a spike of interest in the collection last Thursday that gradually tapered off over the following days.

More than 255,000 avatars were minted on Saturday, eclipsing a previous record. (Dune)
More than 255,000 avatars were minted on Saturday, eclipsing a previous record. (Dune)

Minting refers to the creation of a new NFT on any blockchain. The Collectible Avatars can be stored and managed on Reddit’s own crypto wallet, Vault, which allows users to earn blockchain-based community points and spend them on in-app features such as badges. They are available to the platform's users based on their activity.

In July, the company said users don't need an existing crypto wallet to purchase the avatars but can use credit or debit cards to buy them. Reddit hasn't identified the avatars as non-fungible tokens but stated at the time that blockchain technology remained part of its long-term plans.

As of Monday, data shows that more than 3.7 million Reddit users are holding a total 4.4 million of the avatars. Some 93,000 holders have sold their avatars in the past few months, making an estimated $11 million, the data shows.

Avatars from the “poieeeyee” and “The Senses” collections have seen the most transactional activity with over $3.2 million in total sales value. The entirety of Reddit avatars saw a single-day trading surge of $6.5 million in late October, as CoinDesk reported.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Shaurya Malwa

Shaurya is the Deputy Managing Editor for the Data & Tokens team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.


Read more about