The secondary market sales of Reddit’s Collectible Avatars NFTs reached $1.88 million on October 24 spiking 799% over the previous day.
Based on the latest developments, the trading volume for Reddit nonfungible tokens (NFTs) reached an all-time high rising past $1.5 million on Monday. There are over 3 million Reddit’s Collectible Avatars and Polygon wallets developed.
Notably, the sales of these NFTs have been exploding with collectors seeing Reddit NFTs as a major trading opportunity. Since the launch of the Reddit NFT collection, the cumulative trading volume has risen past $4.1 million. Notably, the daily sales of Reddit NFTs also saw a new all-time high with almost 3,800 digital collectibles changing hands.
Independent artists can develop and mint the Reddit avatars in the form of NFTs on the Polygon blockchain network. The users can later buy these collectibles on Reddit’s crypto wallet Vault. Whenever users develop content on a popular social media platform, they can wear and display the collectibles as profile pictures.
After purchasing these Reddit NFTs on the Polygon blockchain, users can also sell and buy them on secondary markets like OpenSea. Nevertheless, only several nonfungible tokens in the collection of Reddit Avatars have got a great bid. Some Reddit NFTs have got a floor price of $2,000. But the highest price of a Reddit NFT now stands at 18 ETH or $24,149.
The secondary market sales of Reddit’s Collectible Avatars NFTs reached $1.88 million. Notably, that was a nearly 799% increase from its sales on October 23, based on data aggregated by Dune Analytics.
The Huge Success Of Reddit NFTs
Since its launch in July 2022, over 2.9 million Reddit collectible avatars have been minted on the Polygon blockchain. Concurrently, the total number of wallets that hold Reddit NFTs has surged to 2.8 million.
During the TechCrunch Disrupt Conference recently, Reddit Chief Product Officer Pali Bhat stated that more than 3 million Polygon-based Reddit Vault wallets have been set up by users to get and trade the NFT avatars.
But lately, The Reddit Collectibles Avatars collection total supply has not been rising much. The total number of daily minted NFTs has plunged to several thousand per day against the record daily rate of 200,000 NFTs minted in late August.
Reddit launched the venture as a means to help artists. The aim was to develop NFT artwork and monetize their collectibles on the NFT marketplaces. So far, artists have earned over $60,000 in royalties with the secondary market sales of the NFTs.
