Reddit NFT Trading Volume At Their Highest Since Launch

Reddit NFT trading volume hit an all-time high in just 24 hours.

Reddit’s collectible avatar collection / Credit: Reddit

6 months ago, almost everyone using Reddit hated NFTs. Most of them were of the notion that Non-Fungible tokens don’t make any sense at all. “You could just download them without paying a dime. So what’s the point?” Most of the people had the same opinion.

But, everything changed when Reddit launched NFTs in July 2022. The platform disguised these under the new name of “Digital Avatars”. 

Reddit users could customize these NFTs or digital avatars to their liking and set them as profile pictures to stand out from the rest.

In the last 24 hours, the trade volume of  Reddit NFT has surpassed $1.5 million in the last 24 hours, according to reports and statistics from Dune Analytics and Polygon. 

Cointelegraph stated that the increase represents over one-third of the collection’s cumulative trading volume of $4.1 million since launch. Simultaneously, daily sales volume of Reddit Non-Fungible tokens observed a new all-time high value of 3,780 collectibles. 

Reddit NFTs are based on the polygon blockchain. Users can purchase the released digital collectibles on Vault, Reddit’s own cryptocurrency wallet. They can be used as profile pictures on Reddit.

A total of 3 million wallets were created during the launch and Opensea, the top NFT marketplace has about 2.3 million wallets in disposal. 

Over 86,000 NFTs have been released during launch. Half of them were bought at an initial price of $10, ranging to $100. Rest of the collectibles were given out to top Reddit contributors for free. Currently, the highest price for Reddit collectible recorded is 18 ETH or ~$26,155.

One thing that made people accept and buy these collectibles is the integration of Polygon blockchain (no fees) and custody wallet (no seed phrases). Reddit users could also pay with credit cards! 

What are your opinions on the introduction of NFTs on Reddit? Did you buy one of them?