Trading Volumes for Reddit Non-Fungible Tokens (NFTs) Hit All-Time High

UTC by Bhushan Akolkar · 2 min read
Trading Volumes for Reddit Non-Fungible Tokens (NFTs) Hit All-Time High
Photo: Depositphotos

The secondary market sales of Reddit’s Collectible Avatars NFTs topped $1.88 million Monday jumping 799% over the previous day.

As per the latest developments, the trading volume for Reddit non-fungible tokens (NFTs) touched an all-time high shooting past $1.5 million on Monday. There are more than 3 million Reddit’s Collectible Avatars and Polygon wallets created.

The sales of these NFTs have been skyrocketing with collectors seeing Reddit NFTs as a major trading opportunity. Since the launch of the Reddit NFT collection, the cumulative trading volume has shot past $4.1 million. Similarly, the daily sales of Reddit NFTs also saw a new all-time high with nearly 3,800 digital collectibles changing hands.

Independent artists can create and mint these Reddit avatars in the form of NFTs on the Polygon blockchain network. Users can later purchase these collectibles on Reddit’s cryptocurrency wallet Vault. Whenever users create content on a popular social media platform, they can wear and display these collectibles as profile pictures.

After buying these Reddit NFTs on the Polygon blockchain, users can also buy and sell them on secondary markets such as OpenSea. However, not all NFTs in the collection of Reddit Avatars have got a good bid. Some Reddit non-fungible tokens have got a floor price of $2,000. But the highest price of a Reddit NFT currently stands at 18 ETH or $24,149.

The secondary market sales of Reddit’s Collectible Avatars NFTs topped $1.88 million Monday. This was a nearly 799% increase from its sales on Sunday, as per data aggregated by Dune Analytics.

The Roaring Success of Reddit NFTs

Since its launch in July this year, more than 2.9 million Reddit collectible avatars have been minted on the Polygon blockchain. At the same time, the total number of wallets holding Reddit NFTs has reached 2.8 million.

During the TechCrunch Disrupt Conference last week, Reddit Chief Product Officer Pali Bhat said that over 3 million Polygon-based Reddit Vault wallets have been created by users to receive and trade the NFT avatars.

But off lately, The Reddit Collectibles Avatars collection supply hasn’t been rising much. The number of daily minted NFTs has dropped to a few thousand per day against the record daily rate of 200,000 NFTs minted in late August.

Reddit launched this venture as a means to help artists. The goal was to create NFT artwork and monetize their collectibles on NFT marketplaces. So far, artists have earned more than $60,000 in royalties with the secondary market sales of these NFTs.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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