Reddit Hits New Heights with NFT Minting

On December 3, Reddit made headlines by minting a jaw-dropping 255,000 of its “avatars” in a single day, effectively smashing its previous records set on August 30 and 31, where it minted just over 200,000 avatars those days. Talk about a digital frenzy!

What’s the Buzz About?

These NFTs—let’s just call them “digital avatar collectibles” because Reddit prefers it that way—serve as users’ avatars on the platform, crafted by talented independent artists. Upon launching this collection back in July, Reddit aimed to make blockchain technology more accessible, opting to sidestep the word “cryptocurrency” like it was the last slice of pizza at a party.

The Numbers Don’t Lie

With this latest minting achievement, Reddit’s uniquely Polygon-based NFTs now boast around 4.4 million in circulation, as reported by Dune Analytics. Impressive, right? But hold your horses! Despite this colossal minting effort, there’s only about 40,000 said avatars sold since their launch. So, what gives? It seems many users prefer staring at their avatars in the digital realm rather than selling them off. Currently, we have about 3.7 million avatar holders calling these digital artworks home.

Sales Volume Surprises

If you’re wondering about money flowing through this ocean of avatars, the collectibles recently swam into an all-time high sales volume of $2.5 million on October 24, thanks to nearly 2000 eager buyers. Some rare Reddit NFTs hit flashy prices on the secondary market, fetching over $300, while the average avatar price on Reddit’s marketplace sits around the $50 mark. Not bad for digital doodles!

EU’s Metaverse Party: A Raucous Affair with Just Six Guests

In a twist of events, the European Union’s foreign aid department decided to host a lavish metaverse party and spent nearly $408,000 on it. That’s right, folks, their big bash on November 29 attracted a staggering six guests—a real crowd, or lack thereof, to say the least! Devex reporter Vince Chadwick shared his struggles in the virtual space, finding himself having awkward small talk with five others before facing the harsh reality of utter loneliness.

Who Knew Virtual Parties Could Be So Lonely?

Images from the so-called gala showed messages flashing across the screen, with one event-goer asking, “Is anybody out there?” Meanwhile, another message inquired about a monotone DJ who seemed stuck in a loop. According to an anonymous insider, the event aimed to capture the attention of politically indifferent 18-35 year-olds, though it appears most decided to skip the metaphorical bus ride.

TimeX Strikes with Customizable Watches in the NFT Space

Not one to be left out of exciting developments, TimeX announced on December 1 its partnership with the Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) to produce customizable physical watches paired with matching NFTs. That’s right! For the low price of around $2,500 in Ether, BAYC and MAYC holders can get their hands on a watch that’s uniquely theirs, as it can be tailored to their preferences, complete with their NFT on the watch face. Now you can flaunt your digital assets right on your wrist! How fancy is that?

The NFT Market Booms Again

After a challenging few months, US dollar-denominated NFT sales saw a delightful jump of 16% in November, totaling $534 million. Finally, a sign of life! This increase marked the first surge since April, while high-value sales, including two BAYC NFTs nearly snagging the $1 million mark, played a significant role in this resurgence. Meanwhile, total transaction volume showed a slight dip, but let’s not rain on the parade just yet!

Other Nifty News Hits

• Internet browser Opera unveiled a handy NFT minting tool that allows users to drag and drop files into its application, effortlessly crafting NFTs.
• Coinbase took to Twitter to voice its frustrations with Apple, claiming the tech giant demanded a hefty 30% cut on gas fees for NFT transactions, something Coinbase vehemently pointed out isn’t feasible.

As the world of NFTs continues to evolve, we can only imagine what the next big story will be. Stay tuned for more quirky developments in the digital realm!