Reddit NFT trading volume hits all-time daily high as avatars sell out
Reddit non-fungible token (NFT) avatar trade volumes hit an all-time high on Oct. 25, with sales exceeding US$2.5 million in the past 24 hours, according to data from Dune Analytics.
See related article: Reddit teams up with FTX to innovate community points
Fast facts
Overall sales for Reddit avatars stand at US$6.1 million, with sales in the past 24 hours accounting for over 40%. The entire collection is sold out.
Reddit NFTs also hit an all-time high in total sales, with over 5,300 avatars traded in the past 24 hours.
Reddit Chief Product Officer Pali Bhat said during a TechCrunch Disrupt panel that over three million Redditors created wallets using Reddit’s Vault Blockchain, 2.5 million of which were created to purchase NFT avatars.
In comparison, the world’s biggest NFT trading platform, OpenSea, only has around 2.3 million active NFT wallets, according to Dune.
Avatars are created by 30 independent artists and cost US$9.99-99.99. Once a user buys an avatar, it is minted as an NFT on the Polygon blockchain.
Reddit launched its NFT marketplace in July, allowing users to buy “Blockchain-backed Collectible Avatars,” that can be used as profile pictures on the platform
See related article: Apple will not allow NFTs to unlock in-app features