Reddit NFT trading volume hits all-time high as wallet holders near 3 million
Meanwhile, the minting volume of nonfungible tokens have been declining steadily.
According to data
provided by Polygon and Dune Analytics, the trading volume of Reddit nonfungible token (NFT) avatar collection has eclipsed $1.5 million in the past 24 hours. The increase represents over one-third of the collection's cumulative trading volume of $4.1 million since launch. At the same time, Reddit NFTs' daily sales volume also witnessed a new all-time high of 3,780 digital collectibles changing hands.
Reddit Avatars are created by independent artists and are minted as NFTs on the
Polygon blockchain. Users can purchase such collectibles on Vault, Reddit's cryptocurrency wallet. They can then be worn and displayed as profile pictures when users create content on the popular social media platform.
After a direct purchase, the NFTs can then be bought and sold on secondary markets such as OpenSea. While some collections witness little to no bids, others see floor prices above $2,000. The highest price for a Reddit NFT current stands at $24,149, or 18 Ether
Since their launch in July, more than 2.9 million collectible avatars have been minted. Correspondingly, the total number of wallets holding Reddit NFTs is currently at 2.8 million. The collection's supply has not surged in proportion, though, with only around a few thousand NFTs minted per day compared to the record daily rate of around 200,000 NFTs minted in late August.
Reddit originally designed the venture as a means of empowering artists to create NFT artwork and monetize their collectibles on NFT marketplaces. Thus far, data showartists have earned more than $60,000 in royalties from secondary market sales of the said NFTs.