Reddit NFTs’ trading volume goes up 799%, with Redditors creating over three million Polygon wallets to collect said NFTs, toppling the number of active OpenSea wallets.
Reddit, the online message board community, is proving to be a force to be reckoned with as far as NFT adoption goes. The Polygon-based Reddit NFTs’ secondary market sales surged by 799% as prices rose and more NFTs were trading.
Proof of the widespread adoption of Reddit’s Collectible Avatar is the number of new user wallets created on Polygon. One Reddit executive intimated that last week, users made more than three million wallets on the platform, tantamount to the nearly three million Reddit NFTs in circulation. It topples OpenSea’s number of active wallets, which is only at one million.
The 411 on Reddit NFTs
The Reddit NFTs, or Collectible Avatars as the community would rather call them, are creations of independent artists and minted as NFTs on the Polygon blockchain. Users can purchase them from Vault, Reddit’s cryptocurrency wallet. Users have the freedom to use the avatars as their profile pictures on Reddit.
At the same time, users can sell Reddit NFTs on secondary markets like OpenSea. Those who don’t have Vault can likewise purchase the NFTs from secondary markets. Some Reddit Collectible Avatars have floor prices above $2,000, but unfortunately, some NFTs in the collection receive little to no bids.
Reddit launched the Collectible Avatars in July. They were initially designed as a means to empower artists, particularly those who are Redditors, to create and monetize NFT artwork. As data would show, these Redditor artists have amassed over $60,000 in royalties from secondary market sales of the Reddit NFTs.
Each avatar in the collection is based on Snoo, Reddit’s alien mascot. However, since an array of artists worked on the NFT artworks, each carries various visual styles contributed by their creators. Some popular and valuable Reddit NFTs include:
- The Senses by pseudonymous artist Rojom—is currently priced at 15 ETH, or about $20,192, with the last sale recorded over six hours ago for 11 ETH, or about $14,187.
- Foustlings by Tyler Foust—is currently priced at 4.75 ETH, or about $6,394, with the last sale recorded over thirty minutes ago for 2 ETH, or about $2,693.
- Spooky Season Collection by poieeeyeee—is currently priced at 12.7 ETH, or about $17,073, with the last sale recorded over seven hours ago for 13.27 ETH, or about $17,860.
There are currently 29 small limited collections of Reddit’s Collectible Avatars, with less than 2,000 NFTs each, or about 44,593 total pieces. According to data from Dune, the avatars have 44,594 holders, 17,348 of which are unique, placing the unique holders’ ratio at 38.90%
A Surge in Reddit NFTs Trading Volume
More than 2.9 million Collectible Avatars have been minted since their July launch. And as mentioned earlier, the total number of wallets holding Reddit NFTs is nearly three million. As a result, there’s been a surge in the NFTs’ trading volume.
A Dune user who aggregates public blockchain data said the sales volume for the Collectible Avatars has increased for five straight days. And as of today, the secondary market sales have topped $1.88 million, which is a 799% increase from Sunday’s total sales.
Based on data provided by Polygon and Dune, the trading volume of Reddit NFTs has generated about $1.95 million over the last 24 hours from sales spanning more than 4,700 transacted NFTs. What is worth noting is that out of the top 20 Reddit Collectible Avatar sales of the previous 24 hours, 17 happened today.
Those 17 NFTs that sold today include the top sale, a Spooky Season NFT. It sold for 18 ETH, or about $24,220. The increase in sales accounts for over one-third of Reddit NFTs’ cumulative trading volume of $4.1 million since its launch. Incidentally, the daily sales volume of the NFTs also saw a new all-time high of 3,780 digital collectibles changing ownership.
Some collectible avatars included in the data aggregation were premium Reddit NFTs purchased from the site, with the initial fixed price points ranging from $9.99 to $99.99 each. Per data collated from Reddit Floor, 86,000 NFTs were sold to users, which now have a collective market cap of roughly $100 million.
Still, many Reddit Collectible Avatars were airdropped for free to Reddit’s top users spread over 100,000 subreddits back in August. These collectibles were from the Meme Team, The Singularity, Aww Friends, and the Drip Squad collections.
Directly related to the surge in Reddit NFTs’ sales, Polygon’s MATIC token witnessed a remarkable price increase on Sunday. Over the last 24 hours, MATIC is up 6% to a current price of nearly $0.90, according to data from CoinGecko.
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