Reddit NFT mints hit all-time high, EU’s $400k Metaverse party flops, and more

Reddit’ NFT issuance has reached a new high

Reddit’s nonfungible token (NFT) collection marked another milestone on December 3rd.

The new witch record beat the previous all-time high of more than 200,000 Reddit avatars generated each day on August 30th and 31st.

NFTs are primarily used as user avatars on social media platforms and are created by a number of independent artists who use the platform.

When the stock was launched in July, Reddit was widely seen as promoting mainstream adoption of blockchain technology as it moved away from using crypto to purchase avatars, opting to call them digital “collectors” instead of NFTs.

Number of Reddit avatars, one bar represents one day. Source: Dune

NFTs based on Reddit Polygon (MATIC) boasted around 4.4 million on the record mint day, according to Dune Analytics data.

However, despite the amount of money raised, Dune data shows that more than 40,000 Reddit token NFTs have been sold after the sale, and there are about 3.7 million token holders, most of whom are holding on to their NFTs.

Collection sales recently reached a record high of $2.5 million on October 24 with 1,991 buyers.

Some rare Reddit NFTs have seen premium prices on secondary NFT marketplaces like OpenSea, with some of the most expensive selling for over $300, while the platform’s own marketplace sees prices around $50.

The EU went all out at the Metaverse party, no one showed up.

The European Union’s external aid department reportedly spent nearly €408,000 (€387,000) on a party to celebrate November 29, but only six people reportedly attended.

Devex reporter Vince Chadwick tweeted a video of his Metaverse avatar at the “Gala” on November 29 and said, “After meeting the first five other people, I’m alone.”

“Is anyone there then?” He reads one of the messages on the screen in the video. “Concert same DJ spins same music,” said another message.

Created by the European Union, Metaverse was developed to promote the “Global Gateway” initiative, which aims to develop and build infrastructure in developing countries.

According to an unnamed official from the EU’s external aid department who spoke to Devex, the Meta contraption, dubbed “Global Gateway,” was quietly launched in mid-October with a “disturbing and embarrassing” promotional video.

According to an EU spokesperson, the target audience is 18 to 35-year-olds “who describe themselves as neutral about the EU and not particularly involved in political issues” and the promotional video encouraged the audience to engage with the campaign, mainly on TikTok and Instagram.

TimeX ‘Goes Ape’ with BAYC

Watch manufacturer TimeX announced on December 1 that it is partnering with the Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) NFT projects to create custom watches.

TimeX is creating 500 physical watches and matching “twin NFTs” that allow Bored & Mutant app owners to customize a watch, including the case, strap and strap, while actually displaying the owner’s NFT on the watch face.

The watches will close at 2 Ether (ETH) or around $2,500 behind the NFT, BAYC and MAYC holders can then use the NFT to create a watch that will ship in the second quarter starting in mid-December. 2023.

NFT sales rose for the first time in 7 months.

Sales of US dollar-denominated NFTs jumped 16 percent in November, marking the lowest in more than seven months, according to data from CryptoSlam.

In November, NFT sales reached $534 million, up from $460.4 million in October.

It was the first month since April that NFT sales increased, January saw NFT sales total $4.7 billion, and October was the slowest sales month of 2022.

Related: How NFT Subpoenas Could Change the Legal Landscape

The increase in November may be due to high-value NFT sales, such as two BAYC NFTs selling for nearly $1 million each on November 23rd and 24th.

Cryptoslam data shows that the top three NFT clusters in the last 30 days were BAYC, MAYC and others – all projects owned by Yuga Labs. The top BAYC set saw 30-day sales rise by 89.5%, indicating that higher-priced NFT sales could boost November sales.

Meanwhile, total trading volume between October and November fell 17.6 percent.

More Nifty news

Internet browser Opera has created an NFT minting tool that allows users to drag and drop media files into the application, which converts the files into NFT by writing a smart contract and uploading them to the blockchain.

Coinbase has slammed Apple for blocking its latest crypto wallet app. Coinbase says that Apple wanted to disable NFT transactions, so it can collect 30% of the gas payment, but Coinbase says that it is “obviously impossible.”