NFT Reddit Avatars Collection Tops Trading Volume and Trends on OpenSea
The NFT Reddit Avatars collection has surged to the top in trading volume and trending on OpenSea.
Record-breaking NFT Trading Volume on Reddit
Not only has Reddit's NFT trading volume set records, but the number of Reddit NFT wallets has also surpassed that of OpenSea.
According to Polygon and Dune Analytics data, Reddit's NFT trading volume on October 24 exceeded $1.5 million. This figure accounts for one-third of the total trading volume since the collection's launch in July.
In addition, daily revenue from Reddit NFTs hit an all-time high (ATH) of 3,780 collections.
Reddit avatars are created by independent artists and minted as NFTs on the Polygon blockchain. Users can purchase these collections through Vault, Reddit's cryptocurrency wallet. Subsequently, users can display their NFT avatars when posting content on the Reddit platform.
After purchasing NFTs from Vault, owners can trade them on secondary markets such as OpenSea. While some collections receive less attention, many have floor prices above $2,000. The highest price paid for a Reddit NFT currently stands at 18 ETH ($24,149).
Surpassing OpenSea in NFT Wallets
Since its launch, over 2.9 million Reddit avatars have been minted. Notably, the number of Reddit NFT wallets has surpassed OpenSea.
Pali Bhat, Reddit's Product Lead, mentioned that over 3 million Reddit users have utilized the platform's Vault, with 2.5 million of them using the wallet to purchase NFT avatars.
Comparison of Reddit (left) and OpenSea (right) NFT Wallets.
On the other hand, OpenSea, the world's leading NFT marketplace, has approximately 2.2 million wallets. The robust community support has enabled Reddit's NFT wallets to reach 3 million users.
Some users, despite limited knowledge of NFTs or cryptocurrency, purchase Reddit NFTs purely out of admiration for these avatars.
Reddit Avatars NFTs Easily Purchased with Credit Card
Currently, the daily minting of Reddit NFTs remains at several thousand, significantly down from the record 200,000 NFTs noted in August. Nevertheless, the record-breaking user base reflects the collection's growth potential.
Reddit initially ventured into NFTs to empower artists to monetize their artworks through NFT collections on various NFT marketplaces. To date, artists have earned over $60,000 in copyright royalties from secondary market NFT sales.
