On Saturday, a record number of Reddit digital collectibles were produced—nearly 255,000—beating the previous high of 200,000 on August 30 and August 31.
Data from Polygon analytics on Dune estimates that there are currently 4.4 million digital collectibles—the word Reddit uses for its Polygon-based NFTs—in existence.
The polygon-based digital collectibles have been hailed as a successful debut of NFTs to mainstream consumers and are used as avatars on Reddit’s social networking platform.
Reddit unveiled its ambitions for digital collectible avatars in July after already introducing tokenized community points the previous year.
The corporation went to great lengths to set the offering apart from NFTs and cryptocurrency. Instead of being up for auction, the pieces are sold for a set price and may only be bought with fiat money. NFTs were not mentioned in its assertion.
The plan seems to have worked out. The majority of holders obtain their digital collectibles through Reddit minting, while some have found their way onto secondary markets like OpenSea and seen huge increases in their floor values.
Despite the millions of collectibles produced, only roughly 40,000 sales have been officially documented. More than 3.4 million owners only carry one piece of collectible in their pockets.