Reddit NFTs Are ‘A Huge Win for the Whole Web3’

NFT

Polygon Know-how Co-Founder Mihailo Bjelic lately commented on how massively profitable Reddit’s Collectible Avatars, that are Polygon-powered NFTs, have been.

On 7 July 2022, Reddit introduced through a weblog submit that blockchain-backed Collectible Avatars had been coming to Reddit through a brand new storefront:

“On this collection, Collectible Avatars are limited-edition avatars made by unbiased artists, in partnership with Reddit, and supply house owners with distinctive advantages on the Reddit platform. If somebody units their Collectible Avatar as their avatar on Reddit, they’ll mix-and-match the avatar gear with different Reddit avatar gear and equipment, and their profile picture in feedback sections could have a glow-like impact… They’re accessible for buy (vs. being free or accessible through Reddit Premium), and artists will probably be paid for every Collectible Avatar bought…

“Collectible Avatars are backed by blockchain expertise, giving purchasers rights (a license) to make use of the artwork – on and off Reddit… You do not want cryptocurrency to buy these avatars, nor are they being put up for public sale. Every avatar has been priced at a hard and fast quantity and is purchasable with fiat (government-issued) currencies… Collectible Avatars are presently saved on Polygon, a general-purpose, Ethereum-compatible blockchain. We selected Polygon for its low value transactions and sustainability commitments.“

Nicely, on Monday (October 24), Bjelic reminded us of how profitable Reddit’s experiment with NFTs has been to this point:

In line with knowledge by Dune Analytics, so fr (as of three:55 p.m. UTC on October 26), the entire gross sales quantity of Reddit’s Collectable Avatar assortment has been over $7.59 million.

Supply: Dune Analytics

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