Reddit’s non-fungible token (NFT) avatars have produced significant market action in the NFT industry, as the collectible’s secondary market sales reached more than $5 million on October 24 across more than 20,000 sales. The demand for Reddit’s collectible NFT avatars minted on Polygon has also spurred over three million Redditors to leverage Reddit’s Vault blockchain wallet.
Demand for Reddit’s Collectible NFT Avatars Skyrockets — $5 Million in Secondary Sales Sold Across 20,000 Sales
During the first week of July, Reddit revealed the company had plans to release blockchain-backed avatars that leverage the proof-of-stake (PoS) blockchain Polygon (MATIC). At the time, Reddit said that Polygon was chosen for its “low-cost transactions and sustainability commitments.” On October 18, 2022, Reddit’s chief product officer Pali Bhat explained, while speaking on a Techcrunch Disrupt panel, that three million Vault blockchain wallets crafted by Reddit were created to date.
Bhat further told the event’s attendees that 2.5 million were created in order to obtain the latest NFT avatars. According to statistics stemming from the blockchain analytics portal Dune Analytics, Opensea’s Polygon daily sales volume has skyrocketed and secondary market sales crossed the $5 million mark on Monday across 20,375 total sales. In the last 24 hours alone, the collectible Reddit NFT avatars recorded $1,951,860 in sales.
4,708 Reddit NFT avatar sales occurred across secondary markets during the last day, and today, there are 2,831,931 total collectible avatar holders as of 5 p.m. (ET) on October 24, 2022. On August 19, 2022, there were 32,730 total collectible avatar holders and since then, ownership has increased by 8,552%. By September 2022, the rate of ownership grew exponentially and there’s currently 2,919,501 Reddit collectible avatars available.
Dune Analytics stats published by the @polygon_analytics team show that 3.82% of the Reddit collectible avatars are owned by whales. Polygon’s native crypto asset, polygon (MATIC) has reaped the benefits of the latest Reddit NFT avatar demand, as the digital currency is up 6.4% during the last 24 hours. In seven days, MATIC has climbed 12.4% and during the last month, MATIC is up 15.4% against the U.S. dollar. Year-to-date, however, MATIC is down 45.4% against the greenback.
What do you think about the recent surge in demand for Reddit’s NFT collectible avatars? Let us know what you think about this subject in the comments section below.