Surge in Reddit NFT sales

Surge in Reddit NFT sales

After over 3 million users took to crypto in attempt to collect Non-Fungible Token (NFTs) by Reddit last week, the popular content aggregator and discussion site has now reported a surge in its NFT sales. The NFTs that have been transacted amount to over 4,700. In the last 24 hours alone, the Reddit avatar NFTs have generated about $1.95 million. This includes 17 of the top 20 individual sales.

Some collections managed to sell for floor prices above $2,000. A Spooky Season avatar by pseudonymous artist poieeeyeee was sold for the highest price of 18 ETH (about $24,150).

The increased sales constitute over one-third of the collection’s cumulative trading volume of $4.1 million since its launch. At the same time, the daily sales volume of the Reddit NFTs also witnessed a new all-time high of 3,780 digital collectibles changing hands.

The news comes at a time when the NFT market has seen falling prices and sales volume.

The online message board platform, which claims to have 50 million daily active users, released its NFT marketplace in July. Evidently, collectors have since been seeing the NFTs as a major trading opportunity. Reddit’s reported earnings surpassed $350 million last year.

Reddit’s NFTs can be purchased on Vault, Reddit’s crypto wallet. They can be used as profile pictures when users create content on the Reddit platform. Once purchased, the NFTs can be sold on secondary markets like OpenSea. And since their launch, more than 2.9 million collectible avatars have been minted.

The secondary market sales of Reddit’s Collectible Avatars NFTs, originally created and minted on Polygon, have topped $1.88 million as of 25 October, according to Polygon and Dune Analytics data. That’s a 799% increase from Sunday. The trading volume of Reddit’s NFT avatars has crossed $1.5 million in the past 24 hours. The recent surge comes after a five-day climb.

Created with the aim of empowering artists to create NFT artwork and monetize their collectibles, the Reddit NFTs allowed artists to earn over $60,000 in royalties from secondary market sales.

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