Reddit’s Collectible Avatars NFT Continue To See Trading Volume Soar

According to data provided by Polygon and Dune Analytics, the trading volume of Reddit’s non-fungible token (NFT) avatar has exceeded $1.9 million in the last 24 hours.

The increase represents more than a third of the collection’s cumulative trading volume of $4.1 million since launch. At the same time, Reddit NFT’s daily sales also saw an all-time high of 3,780 digital collectibles changed hands.

According to data from the blockchain analytics platform Dune Analytics, Opensea’s Polygon daily sales volume has surged, and secondary market sales have surpassed $5 million over 20,375 total purchases on Monday. In the previous 24 hours, the collector Reddit NFT avatars sold for $1,951,860.

Reddit avatars are created by independent artists and minted as NFTs on the Polygon blockchain. Users can purchase such collections on Vault, Reddit’s cryptocurrency wallet. They can then be displayed as profile pictures when users create content on popular social media platforms.

Once purchased, NFTs can be bought and sold on secondary markets such as OpenSea. While some collections saw little or no bids, others had floor prices above $2,000. The highest price for a Reddit NFT is currently over $24,000 or 18 Ether (ETH).

Since its launch in July, more than 2.9 million collectible avatars have been minted. Correspondingly, the total number of Reddit NFT wallets currently stands at 2.8 million. However, the collection’s supply has not grown proportionally, with only a few thousand NFTs minted per day compared to a record daily rate of around 200,000 NFTs minted at the end of August.

Reddit originally designed this venture as a means of empowering artists to create NFT artwork and monetize their collections on NFT marketplaces. So far, the data shows that artists have earned more than $60,000 in royalties from selling NFTs on the secondary market.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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