Reddit NFT Marketplace Overtakes OpenSea
The trading volumes of Reddit’s NFT marketplace have been on an upward trend as the number of total wallet holders hit the 3 million mark.
Both Polygon and Dune Analytics have reported surmounting trading volume numbers of the Reddit avatars. In the past 24 hours itself these avatars gained another $1.5 million in trading volume. This means that the collection traded over one-third of its cumulative sales in one day only. The collection has amassed a total trading volume of $4.1 million, across 2.9 million collectible avatars since it was launched back in July 2022. As a result, over 2.8 million wallets are now holding these NFTs. However, the collection’s highest record daily rate happened in late August, when around 200,000 NFTS were minted in a day. In the latest spur of activity across the last 24 hours, the collection hit another surge with 3780 NFTs traded in a day.
The collection features a range of NFTs all priced at different levels, with many of them displaying price disparities depending on their demands in the market. While some of them have garnered zero interest among buyers and have very low or no bids, others have chalked up enough buyer interest to rake up floor prices above $2000. In fact, the highest listed floor price of a Reddit NFT currently stands at 18 ETH, which is around $24,000.
Benefitting Artists And Users
These avatar designs are created by independent artists who then mint them on the Polygon blockchain as NFTs. The project was launched to empower artists to build their NFT artwork portfolio and monetize their creations through the Reddit marketplace. According to data, a total of $60,000 in royalties have been amassed from the secondary market sales of these pieces. To purchase these collectibles, users need to hold an account in Reddit’s crypto wallet, Vault. Once purchased, users can display their NFTs as profile pictures on Reddit and flaunt them on other social media platforms.
Reddit has continued to add value to its Web3 effort. The NFT marketplace launch was soon followed by the FTX partnership resulting in the launch of the Community Points project.
Users Love Reddit NFTs
However, the most noteworthy aspect of the situation is that the Reddit marketplace has already overtaken the OpenSea NFT marketplace, which has long been touted as the largest NFT marketplace by trading volume. The former’s 3 million+ wallet accounts have overtaken OpenSea’s 2.3 million strong user base. The Reddit NFT mania is growing infectiously, seeping out into other platforms as well, especially Twitter, where excitement is ripe around certain pieces from the collection. Users are betting on these NFTs as they are comparable to customizable skins in video games and are perceived to be higher-value items than other jpeg NFTs.