Reddit has become a significant force in the NFT movement as users have been purchasing Reddit’s Polygon-based avatars.
An executive revealed last week that users created 3 million Polygon wallets to collect and store the NFTs.
There are nearly three million NFT avatars in circulation today.
Sales continue to surge as collectors view the Reddit NFTs as a significant trading opportunity.
Secondary market sales
Reddit’s Collectible Avatar NFTs are available for minting on Polygon, an Ethereum scaling network.
On Monday, the secondary market sales topped $1.88 million, a 799% increase from Sunday, according to public blockchain data.
The dashboard reveals that sales volume increased for five straight days.
In 24 hours, the Reddit avatar NFTs generated $1.95 million in sales across 4,700 transacted NFTs.
17 of the top 20 individual Reddit Collectible Avatar sales happened on Tuesday.
It also includes the Spooky Season avatar, the top sale.
The avatar was selling for 18 ETH (roughly $24,150).
The NFTs
Reddit Chief Product Officer Pali Bhat revealed that more than 3 million Reddit Vault wallets were created last week.
According to the Dune dashboard, more than 2.9 million of the avatars are currently in circulation.
Some avatars were premium NFTs purchased from the site.
The initial fixed price points range from $10 to $100.
Over 86,000 NFTs were sold to users based on data from Reddit Floor.
They now have a collective market value of over $100 million.
Other Reddit NFTs were given away or airdropped for free to Reddit’s devoted users across over 100,000 subreddits.
The giveaway also introduced people to NFTs.
Other NFTs
The Avatar NFTs were just some of the tokens to be given away.
Reddit NFTs from Aww Friends, Drip Squad, Meme Team, and The Singularity collections were also offered to eligible users for free.
OpenSea’s marketplace says over 2.8 million of the collections’ NFTs are on the market.
However, the NFTs are trading for lower prices than the ones sold by Reddit.
Reddit NFTs
Reddit’s NFT avatar is based on Snoo, the platform’s alien mascot.
In addition, each NFT comes with different visual styles from several artists.
The popular collections from the Reddit NFTs include:
- The Senses by pseudonymous artist Rojom
- Foustlings by Tyler Foust
- Spooky Season collection by poieeeyeee
NFT traders raved about the Reddit avatars through the weekend, praising the collection for its NFT adoption.
Traders also highlighted the streamlined interface Reddit used to sell them.
People who bought the NFTs from Reddit didn’t require cryptocurrency.
The platform also didn’t call the Collectible Avatars as NFTs.
Others viewed the NFTs as a trading opportunity, and prices on the secondary market grew with the increasing number of sales.
Image source: The Crypto Times
Reference:
Reddit NFTs surge as Polygon-based Avatars reach millions of new users
