Reddit’s NFT mintage hits a new record high
Reddit’s collection of non-fungible tokens (NFTs) reached another milestone on December 3: a record 255,000 of its “avatars” were minted in one day.
The new minting record surpassed the previous all-time highs of August 30 and 31, in which just over 200,000 Reddit avatars were minted each day.
NFTs are primarily used on the platform as avatars for users and are created by a number of independent artists using the platform.
At the time of the collection’s launch in July, it was seen as a way to drive adoption of blockchain technology, as Reddit eschewed the use of cryptocurrency for the purchase of the avatars and opted to call them digital “collectibles” instead of NFTs.
With the record minting day, Polygon-based Reddit NFTs now have some 4.4 million in circulation, according to Dune Analytics data.
However, despite the amounts minted, the Dune data shows that Just over 40,000 Reddit avatar NFTs have been sold since its launch, and there are around 3.7 million avatar holders, indicating that most choose to keep their NFTs.
Sales volume for the collectibles recently reached an all-time high of $2.5 million on October 24 among 1,991 buyers.
Some of the rarer NFTs on Reddit have fetched high prices on NFT secondary markets like OpenSea, and some of the most expensive are sold for more than USD 300, while in the platform’s own market prices are around USD 50.
The EU hosted a metaverse party that hardly anyone attended
The foreign aid department of the European Union has spent almost USD 408,000 (387,000 euros) on a metaverse and organized a party on November 29 to celebrate it, but only six people came.
The Devex Reporter Vince Chadwick tweeted a video on November 29 showing his metaverse avatar attending the “gala” saying, “after initial bewildering chats with the five or so humans who showed up, I’m on my own.”
I’m here at the “gala” concert in the EU foreign aid dept’s €387k metaverse (designed to attract non-politically engaged 18-35 year olds — see story below). After initial bemused chats with the roughly five other humans who showed up, I am alone. https://t.co/ChIHeXasQP pic.twitter.com/kZWIVlKmhL
— Vince Chadwick (@vchadw) November 29, 2022
I’m here at the EU foreign aid department’s €387,000 metaverse “gala” concert (designed to attract politically uncommitted 18-35 year olds; see story on that below). After initial chats with the other five humans that showed up, I’m on my own.
“Is there anyone out there?” reads one of the messages on the video screen. “The concert is just the same DJ playing the same music,” says another message.
The metaverse created by the EU was made to promote its “Global Gateway” initiative, which aims to develop and build infrastructure in developing countries.
The metaverse, apparently also called “Global Gateway”, launched quietly in mid-October with a “depressing and embarrassing” promotional video, according to an anonymous member of the EU’s foreign aid department who spoke to Devex.
Discover the new #GlobalGateway digital platform – https://t.co/DHAdsfwbA1
Our shared digital space is the perfect place to get to know new people and reflect on global issues to make a difference for our shared future. #WhoWeAre pic.twitter.com/IAA01vIYbo
— EU International Partnerships (@EU_Partnerships) October 13, 2022
Discover the new digital platform #GlobalGateway – https://t.co/DHAdsfwbA1. Our shared digital space is the perfect place to meet new people and reflect on global issues to make a difference in our shared future. #WhoWeAre
According to an EU spokesperson, the target audience of his metaverse are young people between the ages of 18 and 35, “who identify as neutral towards the EU and are not particularly engaged in political issues”, and the promotional video aimed to “intrigue that audience, mainly in TikTok and Instagram” and encourage them to participate in the campaign.
TimeX “goes crazy” with BAYC
the watch maker TimeX said on December 1 that it has partnered with the NFT projects Bored Ape Yacht Club (BAYC) and the Mutant Ape Yacht Club (MAYC) to create custom watches.
TimeX is creating 500 matching physical and “twin NFT” watches that will allow Bored Ape and Mutant Ape holders to customize a watchincluding its case, strap, and engravings while, of course, the holder’s NFT is displayed on the watch face.
We’re going bananas over the launch of our first customizable physical, digital and phygital timepiece in partnership with @CryptoVonDoom, @beijingdou, @Zeneca_33 @JulianGilliam, @TheMiamiApe, @TheeHustleHouse, @daz3d @Metabrands_pro and the @BoredApeYC community.
To Thread pic.twitter.com/sL2YPyNnwf
—Timex (@timex) December 1, 2022
We’re going crazy with the launch of our first customizable physical, digital and fitgital watch in collaboration with @CryptoVonDoom, @beijingdou, @Zeneca_33 @JulianGilliam, @TheMiamiApe, @TheeHustleHouse, @daz3d @Metabrands_pro and the @BoredApeYC community. A thread
The watches will be purchased using an NFT of 2 Ether (ETH), or around $2,500, and BAYC and MAYC holders will then be able to use the NFT to create a watch starting in mid-December that will ship in Q2. 2023.
NFT sales increase for the first time in 7 months
Sales of NFTs denominated in US dollars have managed to increase by 16% in the month of November, thus avoiding more than seven months of declines, according to data from Cryptoslam.
In November, NFT sales amounted to $534 million, up from nearly $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 of 2022.
The increase 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 23 and 24.
Cryptoslam data shows that in the last 30 days the top three NFT collections were BAYC, MAYC, and Otherdeeds, all of which are projects owned by Yuga Labs.. The BAYC collection has seen 30-day sales increase by 89.5%, indicating that high-priced NFT sales could have boosted November sales.
In the meantime, the total volume of transactions between October and November experienced a decrease of 17.6%.
More Nifty News
Internet browser Opera has created an NFT minting tool that allows users the ability to drag and drop media files into their app, which will convert those files into NFTs by writing a smart contract and uploading them to a blockchain.
Coinbase has criticized Apple for blocking the latest version of its cryptocurrency wallet app. Coinbase says Apple wanted it to disable NFT transactions until it could “collect 30% of the gas fee,” something Coinbase says is “clearly not possible.” since Apple’s system “does not support cryptocurrencies, so we could not comply even if we tried.”
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