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avatars

The popular social platform is about to hit a big milestone in terms of collectible avatar holders after launching "Reddit NFTs" in July 2022.

Social platform Reddit is close to breaching 10 million holders of its collectible avatars, or “Reddit NFTs,” nearly 11 months after its launch in July 2022.

According to Dune Analytics, there are currently a total of 9,909,465 million Reddit collectible avatar holders. Around 7.7 million of these are identified as single collective avatar holders, or those that do not have multiple wallets.

Reddit Collectible Avatars - Source: Reddit

Reddit launched a collectible avatar marketplace on the Ethereum scaling network Polygon in July 2022. NFTs in the customizable collection have been designed by independent artists and Reddit content creators.

Avatar holders surged following the collection’s launch but reached a plateau at around 3 million in November. However, there has been a big growth spurt in 2023 with the number of wallets tripling over the past six months.

Since the beginning of 2023, the number of Reddit avatar holders has increased by 80%. The Reddit Collectible Avatars market capitalization is $38.4 million and there are 13.7 million NFT avatars in the collection.

Furthermore, there have been 303,033 total sales with a cumulative sales volume of $32.6 million, according to the data.

*RCA holders over time. Source:* *Dune Analytics*

On May 28, Redditor “ContextMelodic4212” congratulated the platform on the achievement but commented that bot activity may be responsible for some of that growth.

“Actually there are some issues here and there with Avatars getting scooped or botted by some, it's far from being perfect. However, I can't think of a better use case for this technology!”

Recently on May 26, Reddit announced support for gaming giant Ubisoft’s Rabbids NFT collection. Redditors can claim the free Rabbids NFT avatars for their profiles on the platform, and they are being scooped up fast.

Who knew a plunger was just what your Avatar needed? In partnership with Ubisoft, we’re bringing @RabbidsOfficial to Reddit! Get your Rabbids #RedditCollectibles now.https://t.co/e81Zn0Yr6S pic.twitter.com/1lKFUU0rrJ
— Reddit (@Reddit) May 25, 2023

Rabbids originated as a spin-off video game from the Rayman video game series, 2006's Rayman Raving Rabbids. Ubisoft was the first major video game publisher to release in-game NFT items in December 2021. It launched the Rabbids NFT avatar collection for the Metaverse game The Sandbox in February.

During an AMA with r/India subreddit on May 25, Polygon co-founder Sandeep Nailwal said he was a big fan of Reddit NFTs, adding:

“Reddit is perhaps the only well-known Big Tech company who has cracked the NFT code and they are able to drive a lot of engagement with Reddit NFTs.”

He suggested that having a secondary marketplace and an artist launchpad “could be some great additions to take Reddit NFTs to the next level.”

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Nifty News: BTC miners cash $5M on Ordinals, Reddit NFTs get botting backlash and more

April 13, 2023 Coin Telegraph

Nifty News: BTC miners cash M on Ordinals, Reddit NFTs get botting backlash and more

Adidas

Bitcoin transaction fees from Ordinals inscriptions have exploded by 240% over the last month.

Bitcoin (BTC) miners have pocketed over $5 million from creating nonfungible token (NFT)-like inscriptions using the Ordinals protocol.

Transaction fees for Ordinals transactions exploded 240% from $1.5 million on March 10 to 5.2 million by April 12, according to Dune Analytics data.

The rise came on the back of a rather slow period between Feb. 16 and March 10, which from $1 million to $1.5 million. Prior to thatfees hit the $1 million mark within the first four weeks of the Ordinals protocol launching on Jan 21.

*Transaction fees paid for Ordinals inscriptions hit the $5 million mark on April 11. Source: Dune Analytics*

Nearly 1.1 million Ordinals have been inscribed on the Bitcoin network, mostly comprising JPEG images and text but also consisting of PDFs, video and audio formats.

Roughly 100 to 500 inscriptions are processed in each Bitcoin block, which usually contains between 2,000 to 3,000 transactions. Block 783,758 on April 3 saw a record 3,785 inscriptions, representing nearly 87% of the entire block.

This is Bitcoin block 783,758.

It currently holds the record for having the most inscriptions.

3,785 inscriptions to be exact.

That's 86.7% of its transactions.

Ordinals are quite literally on their way to becoming the number one use case on Bitcoin. pic.twitter.com/BxcfbcBWeM
— Leonidas.og (@LeonidasNFT) April 12, 2023

Reddit’s Gen3 NFTs plagued by botting claims

Online community platform Reddit launched its third batch (Gen 3) of NFTs on April 12 — a “Futures Realities Collection” of Collectible Avatars created by over 100 artists.

Reddit explained in its announcement that the artists behind each limited edition Avatar will receive royalties upon each sale and no cryptocurrency was needed to purchase them.

#RedditCollectibles fans, the wait is over! Gen 3 is officially available with limited-edition designs from over 100 different artists. Jump into the next dimension and get yours now. pic.twitter.com/QcCSAUs8rE
— Reddit (@Reddit) April 11, 2023

However, the release didn't come without issues. Many Reddit users claimed they missed out on the sale because spam bots swooped in almost instantly.

Man also believe the bots were the reason behind Reddit's NFT shop crashing shortly after launch.

"They didn't incorporate any type of spam or bot prevention, like a simple captcha. Of course the site got overloaded," one user wrote with another remarking there was "no way you guys didn’t even think of stopping bots during this drop."

Twitter user "Pastel Alpha" tweeted they managed to get "a good amount" of the NFTs "even though the site completely died" and thanked its "bot partners" for helping with its haul.

Even though the site completely died we managed to hit a good amount before the hour thanks to our custom Reddit monitor by our member @CheekyZoot

No need to guess links ‍

Checkouts thanks to our bot partners @orcarobot and @MinTechBots

Pastel on top pic.twitter.com/vVd45om8ZW
— Pastel Alpha (@PastelAlpha) April 11, 2023

Reddit previously released a batch of Halloween-themed avatars in October, which was followed by and Super Bowl avatars in February.

Adidas releases first in series of dynamic NFTs

Shoe brand Adidas has released the first leg of its latest dynamic NFT collection “ALTs by Adidas” the latest move by the company on its quest to expand its NFT ecosystem.

The dynamic NFTs will evolve based on the decisions and engagement of the owner, according to an announcement on April 11 which described the collection as the “first step” towards owning an “ALTS by Adidas” identity.

Chapter 1: ALT[er] Ego starts now

This is your first step on your journey towards your own ‘ALTS by adidas’ identity.

At the end of Chapter 3 you will get a unique PFP consisting of countless trait combinations with a rarity rank.

ALTS by adidas is a dynamic NFT… pic.twitter.com/0D9lrvIy6y
— Indigo Herz (@indigo_herz) April 11, 2023

The floor price of each Adidas NFT is 0.666 Ether (ETH) ($1,275) and has raked in 351 ETH ($672,000) in trading volume so far. There are now 8,989 owners, 56% of them unique.

There are 16,000 items in total and the creators taking a 10% cut of each sale.

*The ALTS by adidas” NFTs are selling for a minimum of around 0.66 ETH. Source: OpenSea*

Collectors must buy and burn Phase 1 and 2 of Adidas' "Into the Metaverse" tokens in order to receive the ALTS by Adidas NFT.

Be nonfungible, my friend: Bruce Lee enters Web3

A NFT collection commemorating the late Kung-Fu fighter and movie star, Bruce “Little Dragon” Lee, has been released by the Bruce Lee Estate in partnership with Shibuya, an NFT-driven video platform.

Plans for the release were revealed on April 11 when Lee's Twitter account, managed by his family, shared an old video clip of Lee, which then transformed him into an animated version of himself.

My last name is Lee. Bruce Lee. pic.twitter.com/hc678dzRgO
— Bruce Lee (@brucelee) April 11, 2023

The NFTs sold at a starting price of 0.008 ETH, or $15, and 13,907 were minted in the first 24 hours, totaling over $205,000 according to its smart contract address on Etherscan.

The NFTs were drawn by artist Emily “pplpleasr” Yang and were designed by Shannon Lee — Bruce Lee’s daughter.

*Cover album of “House of Lee: Genesis” NFT. Source: Manifold*

Despite it being an “open edition” collection, collectors can only mint a maximum of 100 of the NFTs.

Other Nifty News

NFT marketplace OpenSea launched “OpenSea Pro” last week, a new, specialized NFT marketplace aggregator aimed at serving the needs of professional NFT traders. The service was made possible by OpenSea’s acquisition of fellow NFT aggregator, Gem, in April 2022.

An NFT trader fat-fingered a bid for a free NFT buying it at 100 Ether ($191,000). The token was part of NFT marketplace OpenSea’s Gemesis NFT collection to commemorate the launch of OpenSea Pro on April 4. Some believe the trader meant to bid the token for $100 instead.

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