The growth represents over one-third of the collection’s cumulative trading volume of $4.1 million since debut although the minting volume of nonfungible tokens has been declining steadily.
The trading volume of Reddit non-fungible token (NFT) avatars has surpassed $1.5 million in the last 24 hours, according to statistics from Polygon and Dune Analytics. The rise accounts for more than one-third of the collection’s $4.1 million in total trading volume since its launch. A new record-breaking 3,780 digital collectibles were traded each day on Reddit NFTs, which also saw a daily sales volume increase.
Independent artists design Reddit avatars, which are then minted as NFTs on the Polygon blockchain. Such treasures are available for purchase on Vault, Reddit’s cryptocurrency wallet. When users post information on the well-known social networking site, they can then put them on and show them as profile images.
The NFTs can be bought and traded on secondary marketplaces like OpenSea after being purchased. Some collections receive few to no bids, while others have floor prices above $2,000 instead. Reddit NFT currents can be purchased for as much as $24,149 (18 ether) at the moment.
More than 2.9 million collector avatars have been produced since their launch in July. In line with this, there are currently 2.8 million wallets holding Reddit NFTs. However, the supply of the collection has not increased proportionally, with only a few thousand NFTs being produced daily as opposed to the record daily rate of almost 200,000 NFTs in late August.
The project was first envisioned by Reddit as a way to enable artists to produce NFT artwork and earn money from their collections on NFT marketplaces. According to data so far, royalties from the secondary market sales of the NFTs have brought in more than $60,000 for the artists.