Secondary Sales Volume Tied to Reddit’s Collectible NFT Avatars Surges Crossing $5 Million – Blockchain Bitcoin News

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 Across 20,000 Sales

Reddit announced that it was planning to launch blockchain-backed avatars using the Proof-of-Stake (PoS), blockchain Polygon. (MATIC) At the time, Reddit said that Polygon was chosen for its “low-cost transactions and sustainability commitments.” On October 18, 2022, Reddit’s chief product officer Pali Bhat explained, while speaking on a Techcrunch Disrupt panel, that three million Vault blockchain wallets crafted by Reddit were 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. Reddit NFT avatars have made $1,951,860 worth of sales in the last 24 hour.

Reddit NFT avatars sold to secondary markets in the last 24 hours. As of today’s 5:59 PM (ET), October 24, 2022, there were 4,708 total avatar collectors. There were 32,730 collectible avatar owners on August 19, 2022. Since then ownership has increased 8552%. By September 2022, the rate of ownership grew exponentially and there’s currently 2,919,501 Reddit collectible avatars available.

According to @polygon_analytics stats, 3.82% (or 3.9%) of Reddit avatars that can be collected are owned or controlled 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. MATIC has increased 12.4% over seven days. MATIC’s performance against the U.S. Dollar is 15.4% during the month. MATIC’s year-to date performance is however down by 45.4% compared to the greenback.

What do you think about the recent surge in demand for Reddit’s NFT collectible avatars? Please comment below to let us know your thoughts on this topic.

Jamie Redman

Jamie Redman is the News Lead for Bitcoin.com News. He also lives in Florida and works as a journalist covering financial technology. Redman is an active participant in the cryptocurrency community from 2011. Redman is passionate about Bitcoin and open-source codes. Redman has contributed more than 6000 articles to Bitcoin.com News since September 2015. These articles are about disruptive protocols that are emerging.