Polygon loses y00ts but this NFT collection comes to its rescue
- More than 16 million users held the collection at the time of writing.
- Polygon was the second-largest blockchain in NFT sales over the past week.
The non-fungible token (NFT) landscape has recently been plagued by acute negative sentiment, with demand for major collections falling to historic lows.
However, despite the doom and gloom, some NFTs continue to make the market sit up and take note. The performance of these entities ensures that this creative Web3 vertical remains in the spotlight.
Read Polygon’s [MATIC] Price Prediction 2023-24
Reddit Avatars shine
In a major achievement, the minting volume of Polygon [MATIC]-based Reddit Collectible Avatars crossed the $20-million mark, as per a recent post by NFTgators. Additionally, more than 16 million holders owned the collection launched by the social media giant in 2022.
— NFTgators ? (@NFTgators) August 13, 2023
Collectible Avatars are a set of limited-edition artwork created by independent artists as well as users from Reddit communities. Owners of these avatars get unique benefits on the Reddit platform. These include the ability to use special avatar effects when using Collectible Avatar as their Reddit profile picture, as well as special comment treatment on posts.
As per the latest data from Dune, nearly 14% of holders, amounting to 2.2 million, held more than 1 Collectible Avatar at the time of publication. Additionally, the collection registered transactions totaling more than $40 million, including both primary and secondary sales.
Reddit recently rolled out its Gen 4 collection, titled “Retro Reimagined,” which played a part in boosting the overall mints and holders. Since the launch, the number of avatars witnessed a surge by more than two million.
Gen 4 recorded a sales volume of $277,524 as of this writing. On the other hand, Gen 3 generated transactions worth more than $3.4 million.
Realistic or not, here’s MATIC market cap in BTC’s terms
Polygon’s NFT landscape navigates ups and downs
The avatars came in handy for the Polygon ecosystem which was recovering from the dramatic exit of DeLabs-owned profile picture (PFP) collection y00ts.
According to CryptoSlam, Polygon was the second-largest blockchain in NFT sales over the past week, trailing only the market leader Ethereum [ETH]. Transactions worth nearly $14 million were recorded in the last seven days.
Apart from Reddit, another popular collection, DraftKings, also played its part in energizing Polygon’s NFT ecosystem.