Reddit NFTs Surge with 799% Change in Volume Today
Reddit, a popular online forum, has emerged as a major driver of NFT adoption. An executive stated last week that users have created over 3 million Polygon wallets to collect Reddit NFTs, with around 3 million NFT avatars in circulation. Sales are already skyrocketing as collectors see Reddit's NFTs as a significant trading potential.
Reddit's Collectible Avatars NFTs, which were minted on the Ethereum scaling network Polygon, have already reached secondary market sales of $1.95 million, a 799% rise from Sunday. That is based on publicly available blockchain data that Dune user polygon analytics has compiled. According to the dashboard, sales volume has increased for five days straight.
More than 4,700 Reddit avatar NFT transactions have been recorded totaling $1.95 million made over the course of the previous 24 hours. 17 of the top 20 Reddit Collectible Avatar sales took place today, with the highest sale of a Spooky Season avatar created by the pseudonymous artist poieeeyeee that went for 18 ETH, or around $24,150.
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 than 2.9 million collector avatars have been created since their debut in July. Accordingly, there are currently 2.8 million wallets holding Reddit NFTs in total. However, the supply of the collection has not increased proportionally, with just a few thousand NFTs being minted daily as compared to the record daily rate of almost 200,000 NFTs in late August.
Reddit launched the initiative with the intention of allowing artists to make NFT artwork and monetise their collections on NFT markets. According to statistics so far, royalties from the sale of the NFTs on the secondary market have brought in more than $60,000 for the artists.
It is also worth noting that on Sunday, the price of Polygon's MATIC token saw a pump in line with the growing buzz surrounding the Reddit NFTs. According to statistics from CoinGecko, MATIC has now increased 6% over the past 24 hours to a current price of over $0.90.