Polygon ($MATIC) Co-Founder: Reddit NFTs Are ‘A Huge Win for the Whole Web3’

Polygon Technology Co-Founder Mihailo Bjelic recently commented on how hugely successful Reddit’s Collectible Avatars, which are Polygon-powered NFTs, have been.

On 7 July 2022, Reddit announced via a blog post that blockchain-backed Collectible Avatars were coming to Reddit via a new storefront:

“In this series, Collectible Avatars are limited-edition avatars made by independent artists, in partnership with Reddit, and provide owners with unique benefits on the Reddit platform. If someone sets their Collectible Avatar as their avatar on Reddit, they can mix-and-match the avatar gear with other Reddit avatar gear and accessories, and their profile image in comments sections will have a glow-like effect… They are available for purchase (vs. being free or available via Reddit Premium), and artists will be paid for each Collectible Avatar sold…

“Collectible Avatars are backed by blockchain technology, giving purchasers rights (a license) to use the art – on and off Reddit… You do not need cryptocurrency to purchase these avatars, nor are they being put up for auction. Each avatar has been priced at a fixed amount and is purchasable with fiat (government-issued) currencies… Collectible Avatars are currently stored on Polygon, a general-purpose, Ethereum-compatible blockchain. We chose Polygon for its low cost transactions and sustainability commitments.“

Well, on Monday (October 24), Bjelic reminded us of how successful Reddit’s experiment with NFTs has been so far:

According to data by Dune Analytics, so fr (as of 3:55 p.m. UTC on October 26), the total sales volume of Reddit’s Collectable Avatar collection has been over $7.59 million.

On Tuesday (October 25), blockchain analytics startup Nansen announced that it has added support for Polygon NFTs.

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