Even though the crypto market is volatile, Reddit’s project with Polygon to make collectible avatars has been successful. So far, more than five million NFT collectibles have been found, which is a bright spot in these hard times.
When avatars were first shown off in July, their popularity went through the roof. A few months later, Reddit’s main product manager, Pali Bhat, said that users had set up more than three million Polygon wallets. Most Reddit avatars are made with the intention of buying something, and these NFTs are stored and managed in the Vault Wallet, which can be accessed directly from the Reddit app.
On December 3, we broke the record for most Avatar NFTs in a day, which had been just under 200,000 in August. Shortly after that, the total number of Avatar NFTs went over 5 million, and more than 4.25 million wallets held at least one NFT.
There are millions of communities or subreddits on the site, and most of the NFTs made so far have been free avatars given to users who are very active. When you use an avatar, your profile, comments, and prizes can all have a more personal touch.
Instagram, Starbucks (which just came out with a loyalty program called Odyssey), and Nike are all well-known companies that have done well on the Polygon platform. With this campaign, Reddit shows how Web2 platforms can be used to make Web3 more popular by giving users free avatars. Because of this operation, more than five million NFTs have been sold, which shows how effective well-known social media outlets can be.
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