Reddit’s non-fungible token (NFT) avatars have produced significant market action in the NFT industry, as the collectible’s secondary market sales reached more than $5 million on October 24 across more than 20,000 sales. The demand for Reddit’s collectible NFT avatars minted on Polygon has also spurred over three million Redditors to leverage Reddit’s Vault blockchain wallet.
Demand for Reddit’s collectible NFT avatars skyrockets – $5 million in secondary sales sold past 20,000 sales
During the first week of July, Reddit revealed that the company plans to release blockchain-backed avatars that take advantage of the proof-of-stake (PoS) blockchain Polygon (MATIC). At the time, Reddit said Polygon was selected for its “low-cost transaction and stability commitments.” On October 18, 2022, Reddit’s Chief Product Officer Pali Bhat, speaking on a TechCrunch Disrupt panel, explained that the three million Vault blockchain wallets created by Reddit have been created to date.
Bhat further told the event’s attendees that 2.5 million were created in order to obtain the latest NFT avatars. According to statistics stemming from the blockchain analytics portal Dune Analytics, Opensea’s Polygon daily sales volume has skyrocketed and secondary market sales crossed the $5 million mark on Monday across 20,375 total sales. In the last 24 hours alone, the collectible Reddit NFT avatars recorded $1,951,860 in sales.
There were 4,708 Reddit NFT avatars sold in secondary markets during the last day, and there are 2,831,931 total collectible avatar holders as of today, October 24th, 2022 at 5PM (ET). As of August 19, 2022, the total collectible avatar holders were 32,730. And since then, ownership has increased by 8,552%. As of September 2022, the ownership rate has grown exponentially and there are currently 2,919,501 reddit collectible avatars available.
Dune Analytics stats published by the @polygon_analytics team show that 3.82% of the Reddit collectible avatars are owned by whales. Polygon’s native crypto asset, polygon (MATIC) has reaped the benefits of the latest Reddit NFT avatar demand, as the digital currency is up 6.4% during the last 24 hours. In seven days, MATIC has climbed 12.4% and during the last month, MATIC is up 15.4% against the U.S. dollar. Year-to-date, however, MATIC is down 45.4% against the greenback.
