Polygon-inspired avatars approach new users, Reddit NFTs spike

In July, Reddit launched the NFT marketplace for blockchain-based avatars. Reddit has emerged as the major force in terms of NFT adoption. According to an executive, users made about 3 million Polygon wallets for them, with over three million NFT avatars in circulation. As a result, sales have jumped since collectors have realized Reddit’s NFTs to be a massive trading opportunity.

Secondary market sales of collectible Avatars non-fungible tokens have reached $1.88 million, which shows a rise of 799% as compared to Sunday. Moreover, the volume of sales has jumped consistently for five days. 

Over $1.95 million in sales throughout 4,700 transacted non-fungible tokens have been generated by Reddit avatar NFTs during the past 24 hours. In the 17 among the 20 collectible avatar sales, is a Spooky Season avatar by poieeeyeee which was sold for $24,150 or 18 ETH.

Last week, during the Disrupt conference, Pali Bhat, Reddit Chief Product Officer, disclosed that 3 million plus Polygon Reddit Vault wallets are made by users for both collection and trading of NFT avatars. 2.9 million plus avatars are in circulation as per the Dune dashboard.

A few of the avatars included premium NFTs bought from the site. The starting fixed price points vary from $10 to $100 per piece. According to Reddit Floor’s data, over 86,000 non-fungible tokens had been sold to users and now constitute a collective market cap of over $100 million.

A number of other Reddit NFTs were either given or airdropped absolutely free to users extremely dedicated to the site throughout 100,000 plus active communities.  

Eligible users got Reddit NFTs from Drop Squad, the Meme Team, Aww Friends and The Singularity for free. Over 2.8 million of such NFTs are in the market, as per OpenSea; however, their trading value is way less as compared to NFTs sold originally by Reddit.

There’s no information about which Polygon NFTs are presently available on the market and the way they were launched. 

Every avatar is inspired by Reddit’s alien mascot, Snoo and has many visual styles that have been contributed by various artists. A few most famous and important  collections in the project are a Spooky Season collection by poieeeyeee, The Senses by Rojom and Foustlings by Tyler Foust.

Some NFT traders have appreciated the collection since it will enhance NFT adoption. To purchase NFTs from Reddit, crypto is not required. Also, the platform doesn’t call the collectible avatars to be NFTs.

Last month, Today NFT News reported, Reddit Avatar NFTs hype continues to push its sales. The same month, Reddit’s avatar NFTs sold at premium prices on OpenSea.