Reddit hits all-time high in trading volume

Reddit NFT avatars have eclipsed US$ 2.5 million in trading volume over the past 24 hours, according to Dune Analytics. The daily sales volume of Reddit NFTs also saw a record high of 3,780 digital collectibles changing hands simultaneously.

So far, Reddit NFTs have generated $6.3 million in sales with 23,070 NFTs sold since its launch in July this year.

Dune Analytics also shows more than 2.8 million wallets holding Reddit’s NFT avatars. The floor prices of the collection range from US$10 to US$100. The most expensive NFT costs $18,146, and the cheapest $29.

Reddit NFT avatars are created by independent artists then minted as NFTs on the Polygon blockchain. Users can purchase the NFTs on Reddit Vault, Reddit’s crypto wallet and use the NFTs as profile pictures on the social media platform. 

Polygon’s MATIC also witnessed a rise, jumping 13% in four days.

The artists who designed the NFTs have also been earning through ongoing royalties in secondary market sales, amassing more than $60,000 in royalties from the collection to date. 

Photo: Reddit