Reddit unveiled NFT avatars amid a severe digital asset market downturn in July, an announcement no one expected. Although, the integration of non-fungible tokens paid off, as daily trading volume hit an all-time high. According to Cointelegraph, Polygon blockchain data shows the tokens reached a $1.5 million daily trade volume. Here’s what you need to know about Reddit NFTs.
Reddit now has more NFT wallets than OpenSea.
According to Beincrypto, over three million users created a Reddit Vault wallet. In comparison, the popular NFT marketplace OpenSea only has about 2.3 million wallets. Additionally, over 2.5 million Reddit Vault wallets exclusively purchased Reddit avatars.
Since the NFT avatars launched in July, total sales volume hit $6.5 million. The bulk of which came from the recent surge in trading. Of note, one token sold for a whopping 18 ETH, or over $24,000. Though, the price of Reddit NFTs swings wildly, as some go for less than .01 ETH.
According to Cointelegraph, artists have minted over 2.9 million avatar NFTs on the Polygon blockchain. And about 2.8 million Vault wallets hold at least one of the NFT. However, despite the high trade volume, minting has slowed significantly since August.
Reddit NFTs’ popularity continues to grow.
Though users are minting new Reddit NFTs at a far slower rate than in August, their popularity has grown immensely. According to Dune’s analysis of Polygon’s data, sales volume on October 24 hit 5.5 million. On the same day in August, at the height of minting, sales volume couldn’t scrape eight thousand. At publication, nearly 5,000 individual Reddit NFTs have sold within the last 24 hours. Notably, whales own less than 4% of all Reddit avatar NFTs.
The NFT market has experienced a massive downturn over the last year or so. Despite this, the overwhelming recent success proves an enormous market for digital collectibles still exists.
Comments