The Reddit community recently celebrated an important milestone in its goal to introduce blockchain features to its users.
Earlier this year, Reddit.com announced the implementation of blockchain-based NFT avatars. The platform’s new feature turned out to be a hit. Today, Reddit already has millions of avatars minted in the website.
This past Saturday, December 3rd, set another milestone for the community-based social media platform. The community broke its own record by minting 255,000 unique avatars in the span of 24 hours.
With this addition, Reddit reached over 4.5 million avatars, and despite only being active for four months, the website is today one of the largest NFT marketplaces in the world.
In fact, Reddit’s NFT marketplace (a.k.a. Vaults) is already larger than well-established platforms like OpenSea. Nowadays, Vaults has a trading volume of over $10 million.
These numbers also reflect in the total value of Reddit’s NFTs. Since its launch, Vault’s NFT collections saw their overall value increase by a whopping 799%.
Furthermore, Reddit’s Digital Collectibles holders have increased from 3.5 million to as many as 4.5 million in just over a month, earning more than $11 million in sales.
Polygon Keeps Scoring Homeruns
The recent reports of the 4.5 million avatars added to Polygon’s blockchain mean only one thing: The layer-2 blockchain has scored another successful endeavor in one of its many partnerships.
Despite the dreaded crypto winter bringing the entire cryptocurrency market down, Polygon remains as one of the few who continues to deliver solid results.
Not to say that the MATIC token did not suffer along with the rest of the other assets. Polygon’s token dropped by 63% since its ATH of $2,71 around a year ago.
However, those losses are still “modest” when you compare them to Bitcoin’s -63%, Dogecoin’s 84.7%, and Solana’s ridiculous -94% decrease in value since ATH.
The reason for this stability could be its several successful collaborations. This year alone, Polygon started partnerships with Meta, Reddit, Starbucks, and many more.
Throughout 2022, the scaling solution for Ethereum invested in acquiring mainstream brand adoption, and so far it is paying off.
The company’s CEO, Ryan Watt, told Decrypt on November 24 that Polygon’s ultimate goal is to continue its momentum, while also encouraging other Web-3 builders to help develop Polygon’s ecosystem.
“What you ultimately should hold us accountable for is bringing a billion people to Web3,” he said, “and I think we’re going to do that in a lot of different ways.”
The company’s CEO also claimed that he is looking into even more high-profile partnerships in the future. So far, it looks like Polygon will be one of the few cryptocurrencies to go into 2023 with good things to expect from the future.
