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Wednesday, March 22, 2023

Reddit NFT Trading Volume Hits 3 Million

An executive stated last week that users built over 3 million Polygon wallets for them, with almost 3 million of the NFT avatars in circulation, demonstrating Reddit’s role as a major driver of NFT adoption. Now that collectors see Reddit’s NFTs as a significant trading potential, sales are soaring.

Reddit is Collectible Avatars NFTs, which are produced on the Ethereum scaling network Polygon, have already reached secondary market sales of $1.88 million, a 799% rise from Sunday. That is supported by publicly available blockchain data that Dune user polygon analytics has compiled. According to the dashboard, sales volume has increased for five days running. 

Reddit NFT Trading Volume Hits A New High

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More than 4,700 Reddit NFT transactions totaling $1.95 million have been made over the course of the previous 24 hours. All told, 17 of the top 20 Reddit Collectible Avatar sales took place today, with the top sale being a Spooky Season avatar created by the pseudonymous artist poieeeyeee that went for 18 ETH, or roughly $24,150.

Reddit Chief Product Officer Pali Bhat stated that more than 3 million Reddit Vault wallets based on Polygon had been made by users to collect and trade Reddit NFT avatars at TechCrunch’s Disrupt conference last week. The Dune dashboard reports that there are currently more than 2.9 million avatars in use. Some of the avatars were premium NFTs, which users bought from the website for fixed prices starting at $10 to $100 each. According to Reddit Floor statistics, roughly 86,000 NFTs were sold to users, giving them a market cap (or worth) of about $100 million as of right now.

More Reddit NFTs, however, were also handed away or airdropped for free to some of the site’s most loyal users across more than 100,000 vibrant communities (or subreddits), exposing many individuals to NFTs for the first time.

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