Reddit NFT has recently received a spike in transactions with cumulative sales of $218,145 in 24 hours. The total sales volume is now USD$10,061,261.
Screenshot from Dune/polygon analytics.
According to Reddit executive, Pali Bhat, new NFT wallets from close to 3 million users have been recorded with a great percentage of these users being new to the NFT sector. Out of these nearly 3M users, 2.5M+ were holding the Reddit avatars which were launched in July.
The Dune and polygon analytics also confirmed this trend. The trading volume of Reddit is seen as a challenge to the popular blue chip NFTs like BAYC collections. According to DappRadar data analysis, Reddit NFT has had more users recently compared with Opensea which has about 2.3M users.
Reddit has been using this opportunity to roll out more features as it gains more holders for its NFTs. Users have minted more than 86,000 NFTs since the launch of the RedditFloor Polygon NFT-based Marketplace. The high demand for the Reddit PFP NFT(Profile Picture Collectible avatar) influenced other Reddit NFT transactions as they have more users.
Reddit launched its second NFT on October 20, 2022. Spooky season reached its highest trading volume of about $1.8M on October 24 and has become the 11th largest NFT collection on OpenSea according to the daily ranking. Spooky season NFT reached a 24-hour trading volume of about $187,000 on October 26. The cumulative value of this NFT reached over $3.7M in the past week according to the OpenSea data. As of October 30, 2022, spooky season recorded a 7-day trading price of +509% which was equivalent to 0.14 ETH, a trading volume of +4565% and sales increased by 1,135%.
These are just little slices from Reddit’s total NFT activity, though. According to Polygon Analytics via Dune Analytics, the total/cumulative sales for Reddit NFT is USD$10,061,261. As of October 31st, 2022, Reddit NFT has a 24-hour total sales of 643 avatars which is equivalent to USD$218,145.
The spike in Reddit NFTs demand has created a surge in demand for Polygon and OpenSea NFTs as well. OpenSea Polygon reached an all-time high volume of around $3 million more than a week ago.
These Reddit NFT collectibles are created by independent artists from Reddit and minted through a polygon proof-of-stake network. They can be purchased through the vault, and used on and off the Reddit platform. Users can also mint, customize and create wallets directly from App. Reddit NFT holders can use their NFT on different social media platforms and they can be sold to other NFT platforms like OpenSea. The highest bid for Reddit NFT is now 33,113 total sales.
Reddit NFT holders can purchase their NFTs using credit cards, or debit cards, unlike other NFT platforms that only allow digital assets. If Reddit NFTs can rise this far despite the recent economic winter, they could achieve great dominance in the NFT marketplace soon. When the project can mint more Reddit NFT daily, as was done in August 2022, it could increase the NFT trading volume more. But come to think of it, despite occasional minting, the number of Reddit NFT wallet holders is nearing 3 million!
Part of the goal of creating these Reddit NFTs is to empower the independent artist that created them. And these artists have earned massively from the cumulative sale until now. So because Reddit NFTs are readily available, and it has the strong backing of the popular social media platform, Reddit, the method of buying this NFT is simple as stated by @threadoor on Twitter.