Reddit’s collection of non-fungible tokens (NFT) hit another milestone on December 3, with a record 255,000 “tokens” minted in a single day.
The new coinage record surpassed previous all-time highs on August 30 and 31, which saw just over 200,000 Reddit avatars minted each day.
NFTs are mainly used on the social media platform as an avatar for users and are created by a number of independent artists who use the platform.
At the time of the collection’s launch in July, it was widely seen as a way to boost mainstream adoption of blockchain technology as Reddit moved away from using crypto to buy avatars and chose to call them digital “collectibles” rather than NFTs.
The number of Reddit avatars mined, one bar represents one day. Source: Dune
With a record minting day, Reddit’s Polygon-based NFTs boast about 4.4 million traders, according to data from Dune Analytics.
However, despite the quantities mined, Dunes data shows that over 40,000 Reddit Avatar NFTs have been sold since its launch, and there are around 3.7 million avatar holders, which indicates that most of them choose to stick with the NFT.
Collectibles sales recently reached an all-time high of $2.5 million on October 24 through 1,991 buyers.
Some of the rarer Reddit NFT companies have seen premium prices on secondary NFT markets like OpenSea, with some of the most expensive selling at over $300, while the platform’s own market is seeing prices around $50.
The EU went all out at the Metaverse party, and hardly anyone showed up
It is understood that the European Union’s Ministry of Foreign Aid spent nearly $408,000 (€387,000) on Metaverse and hosted a party on November 29 to celebrate, but only six people were reported to be in attendance.
Devex reporter Vince Chadwick tweeted a video on November 29 showing his avatar at the “concert” and said, “After initial confused conversations with the approximately five other people who attended, I’m on my own.”
“is anybody there?” He reads one of the messages on the screen in the video. Another message reads: “A concert is the same DJ spinning the same music.”
The metaverse was designed by the European Union to promote the “Gateway Global” initiative aimed at developing and building infrastructure in developing countries.
The Metaverse, apparently also called “Global Gateway,” was quietly launched in mid-October with a “sad and embarrassing” promotional video, according to an anonymous EU foreign aid employee who spoke to Devex.
According to an EU spokesperson, the target audience of the metaverse is 18 to 35-year-olds, “who are considered neutral about the EU and are not particularly involved in political issues”, and the promotional video was “to spark the curiosity of this audience, primarily on TikTok and Instagram” and encourage them to participate in the campaign.
TimeX “Goes Ape” with BAYC
Watch manufacturer TimeX said on December 1 that it has partnered with Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) NFT Ventures to create custom watches.
TimeX is creating 500 physical watches and matching “NFTs” that will allow Bored and Mutant Ape holders to customize a watch including case, strap, and engravings while, of course, displaying the owners NFT on the watch face.
The watches will be placed behind the NFT at a cost of 2 Ether
ETH
pointers down
$1,295
, or about $2,500, with BAYC and MAYC holders being able to use NFT to create a watch from mid-December that will ship in the second quarter of 2023.
NFT sales increased for the first time in 7 months
US dollar-denominated NFT sales managed to jump 16% in the month of November, snapping more than seven months of decline, according to data from Cryptoslam.
In November, NFT sales were $534 million, up from about $460.4 million in October.
It was the first month since April that NFT sales increased, January saw record NFT sales totaling $4.7 billion, while October was the slowest sales month in 2022.
Related: How NFT Court Invocation Could Change the Legal Landscape
The surge in November is likely due to high-priced NFT sales, such as two BAYC NFTs that sold for close to $1 million each on November 23rd and 24th.
Cryptoslam data over the past 30 days shows that the top three NFT pools were BAYC, MAYC, and Otherdeeds – all projects owned by Yuga Labs. The top BAYC group saw 30-day sales increase by 89.5% indicating that higher-priced NFT sales could have pushed up November sales.
Meanwhile, total transaction volume between October and November saw a decline of 17.6%.
