Reddit Becomes a Major Force for NFT Adoption as its Avatar NFTs Register $1.5M in Volume in 24 Hours
The trading volume of Reddit non-fungible token (NFT) avatars has exceeded $1.5 million in the past 24 hours. The increase represents over one-third of the collection’s cumulative trading volume of $4.1 million since launch.
At the same time, the daily sales volume of Reddit NFTs also witnessed a new all-time high of 3,780 digital collectibles changing hands.
Reddit avatars are created by independent artists and are minted as NFTs on the Polygon blockchain. Users can purchase such collectibles on Vault, Reddit’s cryptocurrency wallet.
They can then be worn and displayed as profile pictures when users create content on the popular social media platform.
After buying them, the NFTs can be traded on secondary markets like OpenSea. While some collections see little or no offers, others have minimum prices above $2,000. The highest price for a current Reddit NFT is $24,149 or 18 Ether.
Reddit Proves to Be a Significant Force for NFT Adoption
Online message board community Reddit has proven to be a significant force for NFT adoption, as an executive revealed last week that users created over 3 million Polygon wallets for them—with nearly three million of the NFT avatars in circulation. Now sales are surging as collectors see Reddit’s NFTs as a major trading opportunity.
Secondary market sales of Reddit’s Collectible Avatars NFTs—which are minted on Polygon, an Ethereum scaling network—have topped $1.88 million so far today, a 799% increase from Sunday. Sales volume has climbed for five days straight.
At TechCrunch’s Disrupt conference last week, Reddit Chief Product Officer Pali Bhat revealed that users have created over 3 million Polygon-based Reddit Vault wallets to collect and trade their NFT avatars. According to the Dune panel, more than 2.9 million avatars are now in circulation.
Some of those avatars were premium NFTs that were purchased on the site, with initial flat price points ranging from $10 to $100 each. According to data from Reddit Floor, around 86,000 NFTs were sold to users, and they now have a collective market capitalization (or value) of around $100 million.
However, many more Reddit NFTs were also given away or airdropped for free to some of the site’s most devoted users in over 100,000 active communities (or subreddits), introducing many people to NFTs for the first time.
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