Reddit’s NFT sales volume continues to trend upward, topping $1.5 million in the last 24 hours, as reported by Polygon and Dune Analytics.
Overall, the increase in Reddit’s NFT trade volume represents more than one-third of the collection’s cumulative volume, exceeding $4 million since its origin.
Putting the analysis to daily sales volume, Reddit’s NFTs have also achieved a new ATH of more than 3,700 non-fungible tokens that have been sold or transferred from one address to another.
Today, they have set a milestone in the history of non-fungible token trading, as their platform has more active wallets than OpenSea, the largest and most traded marketplace in the world.
According to the platform’s own analysis, 8 out of every 10 wallets created on Reddit Vault were registered after the introduction of NFT on Reddit. This news was announced at the TechCrunch Disrupt conference by the company’s product manager Pali Bhat. Also at that event he communicated the fact that more than 3 million users used Vault to create their crypto wallet.
More specifically, Pali Bhat said that 2.5 million wallets were created after the launch of NFT on the Reddit platform. The OpenSea marketplace has 2.3 million digital accounts created on its website.
In July Reddit launched its own collection of NFT avatars. This collection had 40,000 different designs, which as of today are already sold out. The initial prices started from u$s 9.99 to u$s 99.99.
Such Reddit NFTs are not only traded on its platform. They are also traded on secondary marketplaces, where users sell them at much higher prices.
On the other hand, Reddit allows many independent artists to develop creations, which are embodied in non-fungible tokens and are realized on the Polygon blockchain. Users can obtain these NFTs on Vault, which is Reddit’s wallet. In turn, they can use them by placing them as profile pictures.
It should be clarified that this is not the only social network that allows you to display an NFT as a profile picture, after Twitter became the pioneer network in applying this innovation. Subsequently, Facebook and Instagram added this functionality in the countries where it is enabled.
Within the main pieces traded on Reddit, we can find NFT Fishy Foustling, and Mio Armor, which have had selling prices of 6 ETH and 5 ETH.
On the social network Twitter, the trend of Reddit NFTs is expanding more and more. They have even managed to position themselves as a trend in this social network. It is also stated that one of their keys has been not to use so many crypto terms in their marketing campaigns in order to achieve greater mass consumption.
Steve Huffman, the CEO of Reddit, argued that it made the process easier for people unfamiliar with cryptocurrencies or NFT, by not using crypto terms in the ads they ran. This is how even many buyers did not know they were using crypto.
On the other hand, it can also be added as another extra factor for success, the credibility and status that NFTs generate. One user’s post regarding Reddit’s NFTs can be used as an example. He argues that Reddit avatars are comparable to video game masks; you buy them to customize your appearance to achieve being different. Cases like fortnite, counter strike, among others were named. All these games have designs or items that give a style to each element, which are marketed for thousands of dollars.
Written by Luciano Garriga (TW:@luchogarriga) for NFT Express