Home » Reddit NFTs Just Passed $10M in Sales in 3 Months – NFT News and Insights from the Ecosystem

Reddit NFTs Just Passed $10M in Sales in 3 Months – NFT News and Insights from the Ecosystem

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Quick take:

  • Reddit NFT transaction volume reached $10 million.
  • Despite the market downturn, it took the collection just three months to reach its milestone.
  • The social news aggregator platform is celebrating a successful NFT journey by releasing 5000 new Reddit collectibles to the metaverse.

Non-fungible token (NFT) skeptics have had a field day over the past few months. It’s impossible to count the number of times a publisher leads with the headline “NFT is dead!”

But in the midst of market despair and bearish sentiment, Reddit became the largest NFT platform by user base in three months after 2.5 million users created wallets to buy NFT avatars. rice field.

Reddit’s NFT journey couldn’t have gotten off to a more exciting start. Popular social news aggregator platform NFT (Digital Collection Avatar) hit his $10 million mark in cumulative sales on Oct. 31, just three months after its launch.

The surge in sales volume follows the platform’s launch of its second series of Reddit collectible avatars on October 20th.

Image Source: Dune Analytics

A brief background on Reddit NFTs

In July, Reddit polygon base An NFT marketplace and vault wallet that allows users to trade and store NFT avatars (a collection of digital avatars created by independent artists based on Reddit’s mascot Snoo).

Ann NFTs JPEGs, music tracks, video clips, artwork, digital collections, or encrypted files that prove ownership of merchandise. Owners of Reddit collection avatars have the right to use their avatars as profile pictures on and off the platform.

Reddit NFT Avatars were first offered to members of r/CollectibleAvatars, an invite-only subreddit. In the first phase, Reddit sold 86,000 of his NFTs. $10 and $100allows users to make purchases in crypto or fiat currency with a debit or credit card.

Last week, the Reddit NFT marketplace saw a huge spike in trading volume, up 168% to $5.9 million, according to CryptoSlam data.

Image Source: CryptoSlam.io

The surge in Reddit NFT sales also appears to boost NFT activity on the Polygon blockchain, with Polygon NFT transactions on OpenSea rising to $14.59 million in October due to the Layer 2 scaling protocol.

On-chain data from the Dune Analytics dashboard shows that OpenSea Polygon Volume witnessed a major spike last week on October 24, hitting a daily high of $3.8 million.

Image Source: Dune Analytics

Reddit onboards millions of people to web3

Last week, Reddit’s chief product officer, Pali Bhat, said platform users had created over 3 million Polygon wallets. Over 2.5 million Created for purchasing NFT avatars. This already surpasses his 1,827,000 registered users on OpenSea. According to the Polygon Analytics Dune dashboard, the platform currently boasts a whopping 2.87 million Reddit NFT holders, with only 3.79% being whales.

Reddit boasts 52 million daily active users. A platform that allows users to purchase collectible avatars using debit and credit cards allows Reddit to strategically engage a large portion of its user base into his NFT universe.

On Monday, the company launched 5,000 new Reddit collectibles. metaverse To celebrate a good start to your NFT journey.

Dubbed CryptoSnoos NFTs in honor of the famous Reddit mascot, NFTs are divided into three categories (Legendary, Epic, and Rare) according to their rarity. Legendaries are one-of-a-kind NFTs and the rarest of them all.

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