Image source: The Crypto Times
Reddit has become a major factor in the NFT movement as users have been buying Reddit’s Polygon-based avatars.
An executive revealed last week that users had created 3 million Polygon wallets to collect and store NFTs.
There are nearly three million NFT avatars in circulation today.
As collectors view Reddit NFTs as a significant trading opportunity, sales continue to rise.
Secondary market sales
Reddit’s collectible NFT Avatars are available for minting on Polygon, an Ethereum scaling network.
On Monday, secondary market sales were $1.88 million, up 799% from Sunday, according to data from the public blockchain.
The dashboard shows that the sales volume has increased for five consecutive days.
In 24 hours, Reddit avatar NFTs generated $1.95 million in sales through 4,700 traded NFTs.
On Tuesday, 17 of Reddit’s top 20 individual sales of Collectible Avatars took place.
It also includes Spooky Season Avatar, Best Selling.
The avatar sold for 18 ETH (approximately $24,150).
The NFTs
Pali Bhat, chief product officer of Reddit, announced that over 3 million Reddit Vault wallets had been created in the past week.
According to the Dune dashboard, over 2.9 million avatars are currently in circulation.
Some avatars were premium NFTs purchased on the site.
Initial fixed prices range from $10 to $100.
According to data from Reddit Floor, Reddit users were able to get over 86,000 NFTs.
They now have a combined market value of over $100 million.
Other Reddit NFTs have been given away or airdropped for free to loyal Reddit users in over 100,000 subreddits.
The giveaway also introduced people to NFTs.
Other NFTs
Avatar NFTs were just some of the tokens on offer.
Reddit NFTs from the Aww Friends, Drip Squad, Meme Team, and The Singularity collections were also given away for free to eligible users.
The OpenSea marketplace indicates more than 2.8 million NFT collections on the market.
However, NFTs are trading at lower prices than those sold by Reddit.
The Reddit NFTs
Reddit’s NFT avatar is based on Snoo, its alien mascot.
Also, each NFT comes with different visual styles from different artists.
Popular collections of Reddit NFT include:
- The Senses by pseudonymous artist Rojom
- Foustlings by Tyler Foust
- Spooky Season collection by poieeeyeee
NFT traders were excited about the Reddit avatars all weekend, praising the collection for its NFT launch.
Merchants also pointed to the streamlined interface Reddit uses to sell them.
People who bought NFTs from Reddit didn’t need cryptocurrency.
The platform has also not labeled collectible avatars as NFTs.
Others saw NFTs as a business opportunity, and prices on the secondary market rose as the number of sales increased.
Reference:
Reddit NFTs surge as Polygon-based Avatars reach millions of new users
