Reddit NFT trading volume hits record high with nearly 3 million wallet holders
Meanwhile, the minting volume of non-fungible tokens has steadily decreased.
New
According to data provided by Polygon and Dune Analytics, Reddit non-fungible token (NFT) avatar trading volume exceeded $1.5 million in the past 24 hours. The increase represents more than a third of the collection's cumulative transaction volume of $4.1 million since launch. Meanwhile, daily NFT Reddit sales volume also saw a new all-time high of 3,780 digital collectibles changing hands.
Reddit avatars are created by independent artists and are created as NFTs on the Polygon blockchain. Users can buy these collectibles on Vault, Reddit's cryptocurrency wallet. They can then be worn and displayed as profile pictures when users create content on the popular social media platform.
After being purchased, NFTs can be bought and sold on secondary markets such as OpenSea. While some collections see little to no auctions, others have floor prices above $2,000. The highest price for a current Reddit NFT is $24,149, or 18 Ether (ETH).
Related: Reddit avatar NFTs witness volatile price tags
Since their launch in July, over 2.9 million collectible avatars have been created. As a result, the total number of wallets containing Reddit NFTs is currently 2.8 million. However, the supply of the collection has not increased commensurately, with only a few thousand NFTs minted per day compared to the record daily rate of around 200,000 NFTs minted in late August.
Reddit originally conceived of the company as a way to empower artists to create N...
Meanwhile, the minting volume of non-fungible tokens has steadily decreased.
New
According to data provided by Polygon and Dune Analytics, Reddit non-fungible token (NFT) avatar trading volume exceeded $1.5 million in the past 24 hours. The increase represents more than a third of the collection's cumulative transaction volume of $4.1 million since launch. Meanwhile, daily NFT Reddit sales volume also saw a new all-time high of 3,780 digital collectibles changing hands.
Reddit avatars are created by independent artists and are created as NFTs on the Polygon blockchain. Users can buy these collectibles on Vault, Reddit's cryptocurrency wallet. They can then be worn and displayed as profile pictures when users create content on the popular social media platform.
After being purchased, NFTs can be bought and sold on secondary markets such as OpenSea. While some collections see little to no auctions, others have floor prices above $2,000. The highest price for a current Reddit NFT is $24,149, or 18 Ether (ETH).
Related: Reddit avatar NFTs witness volatile price tags
Since their launch in July, over 2.9 million collectible avatars have been created. As a result, the total number of wallets containing Reddit NFTs is currently 2.8 million. However, the supply of the collection has not increased commensurately, with only a few thousand NFTs minted per day compared to the record daily rate of around 200,000 NFTs minted in late August.
Reddit originally conceived of the company as a way to empower artists to create N...
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