Reddit’s NFT avatar program has accomplished a significant minting milestone in less than six months. On the polygon network, users have created more than 5 million avatars. As a result, in the midst of the recent turmoil in the cryptocurrency field, this major event shines as a blazing beacon of possibility.
In July 2022, Reddit announced the launch of an effort that would let users design and buy blockchain-based avatars. It constituted a risky move by the well-known social news and debate platform into the NFT avatar market.
The NFT initiative on Reddit keeps adding more members. Over 4.25 million unique wallets in total have participated, according to the Dune analytics dashboard, helping to reach the 5 million NFT collectible avatar milestone. Platforms like Reddit, which boast more than 400 million active users and 100,000 active communities, offer enormous prospects for NFT growth and exposure.
Many people were not surprised by this endeavor because Reddit has long been interested in the bitcoin environment. However, the expansion and this 5-million-coin milestone are important for a number of reasons.
The platform’s entry into the NFT market is merely a blip on the ocean of Web3 activities. Reddit isn’t the only well-known Web2 company developing on networks like Polygon, the Ethereum scaling solution.
Reddit Achieves Significant Minting Achievement
This is hardly the only major brand looking into Web 3 initiatives.
In addition, keep an eye on Instagram and Nike. Instagram, Meta’s social media network, aims to facilitate NFT development with in-app tools and allow NFT minting. Additionally, with its NFT-focused ventures that brought in significant money, the global fashion powerhouse Nike has already entered the NFT market. The business just just began operations. The goal of Swoosh, “a Web3-enabled platform,” is to create a digital community and experience for users and consumers. These initiatives show an increasing interest in major companies entering the Web3 market.
Here’s to further NFT minting and future achievements.