While the NFT market isn’t in its best shape, certain use cases stand out as formulas for the future. With in the first line of this adoption their use in the form profile pictures (PFP) for certain social networks. As proof the explosion of sales on the platform Reddit since the official launch of its “collectable avatars”. A real example of successful integration.
The social networking platform Reddit has been positioning itself in the wake of the cryptocurrency sector for some time now. But with a strategy that tries to avoid any confusion with this sulphurous digital economy. However, it did create community tokens on the Ethereum network during the year 2020. This before they were moved to Layer 2 Arbitrum for obvious transaction cost reasons.
Then, with the unprecedented boom of the NFT token market in the year 2021, Reddit has embarked on a new digital adventure with its collectible avatars (collectable avatars). A project born in 2022, whose acceptance is still confirmed since then. Perhaps because the strategy amounts to never mentioning the term NFT or the Polygon (MATIC) network, which nevertheless supports its creation…
Reddit – A successful integration of NFTs
But finally, what is the point of publicly calling these digital images NFTs? Especially when it comes to facing a horde of opponents who are often unable to give a valid reason for their hatred. With the Chinese government on the frontline, forcing locally based companies, such as e-commerce giant Alibaba, to use devious terms to integrate with impunity. And a Reddit strategy that seems to be paying off.
Indeed, the numbers from Polygon Analytics speak for themselves. Because these collectible avatars have had a success since their creation that doesn’t seem to have slowed down. A situation that was confirmed again during the weekend, with the achievement of a new historic record. Because almost 255,000 of these NFTs were affected on Saturday alone. A figure that erases the previous record of August 30 and 31 with more than 200,000 new records.
And in the end it is more than 4.4 million of these NFT avatars created (mint) since their official launch. Each time with a fixed price to be paid in fiat currencies to acquire them, again a far cry from whitelists (WL) and other auctions in the cryptocurrency sector. But with some specimens still being referenced on the Opensea platform, the bottom price of which has sometimes skyrocketed.
However, as noted by the media The Block, these figures should be taken with caution. For even if the creation of these images is indeed counted in millions of units, this is usually just one NFT per wallet. With the sole purpose of strengthening its profile with an innovative image. And since the creation of these collectible avatars, no more than 40,000 sales recorded on secondary markets. But is it really necessary to transform these NFTs, unaware of each other, into speculative objects to validate their effective acceptance?