Reddit NFT has been a huge success in the past few days, reaching another milestone in the last few days, bringing in $2.54 million in sales.
A sudden spike represents a 1,000% increase in sales volume within 24 hours. Additionally, total sales of collectible avatars ranged from approximately $28,000 to over $8 million.
The increase in Reddit Collectible Avatar NFT sales volume comes despite the overall decline in the cryptocurrency market. Approximately 40,000 PFP avatars have been created by artists in the Reddit community NFT. high seas Transaction volume decreased by over 90%.
Reddit NFT: more users than OpenSea
As more crypto enthusiasts take interest in Reddit NFTs, industry experts Claim Social media platforms are getting more people into NFTs than OpenSea.
Nearly 3 million new wallets have been opened since Reddit launched the Redditfloor marketplace. In fact, users have minted over 86,000 NFTs since the Collectible Avatar NFT was released in July.
According to DappRadar, OpenSea has only 2.3 million users, while rival NFT marketplaces like Magic Eden and LooksRare have fewer.
One factor in the success of Reddit Avatar NFTs is the way social media platforms attempt to distinguish digital assets from regular NFTs. We refer to NFTs as digital collectibles, tokens as coins, and wallets as vaults, avoiding the use of cryptographic languages as much as possible.
Social media platforms help users pay for collectibles in US dollars instead of virtual currency. Users can also change the functionality of NFTs directly from the platform.
Many have pointed to the success of Reddit Avatars as a sign of NFT’s potential.
coin base report He noted that while other social media platforms have NFT integrations that allow people to show off their NFTs, Reddit’s strategy is focused on building community.
The note also points to the role of the Polygon blockchain in the success of the Avatar NFT. L2 blockchain is compatible ethereum It also allows users to transact faster and at lower cost. Coinbase believes these solve barriers to adoption.
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