In keeping with information provided by Polygon and Dune Analytics, the buying and selling quantity of Reddit nonfungible token (NFT) avatars has eclipsed $1.5 million prior to now 24 hours. The rise represents over one-third of the gathering’s cumulative buying and selling quantity of $4.1 million since launch. On the identical time, the each day gross sales quantity of Reddit NFTs additionally witnessed a brand new all-time excessive of three,780 digital collectibles altering fingers.
Reddit avatars are created by impartial artists and are minted as NFTs on the Polygon blockchain. Customers should buy such collectibles on Vault, Reddit’s cryptocurrency pockets. They will then be worn and displayed as profile photos when customers create content material on the favored social media platform.
After being bought buy, the NFTs might be purchased and offered on secondary markets comparable to OpenSea. Whereas some collections witness little to no bids, others have flooring costs above $2,000. The very best worth for a Reddit NFT present stands at $24,149, or 18 Ether (ETH).
Associated: Reddit avatar NFTs are witnessing unstable worth tags
Since their launch in July, greater than 2.9 million collectible avatars have been minted. Correspondingly, the entire variety of wallets holding Reddit NFTs is at present at 2.8 million. Nevertheless, the gathering’s provide has not surged in proportion, with solely round a number of thousand NFTs minted per day in contrast with the file each day charge of round 200,000 NFTs minted in late August.
Reddit initially designed the enterprise as a way of empowering artists to create NFT art work and monetize their collectibles on NFT marketplaces. So far, information show that artists have earned greater than $60,000 in royalties from secondary market gross sales of the NFTs.
The journalist is a writer and digital nomad. Loves thinking, learning, and writing about all things Web3, particularly its impact on major creative industries.