Reddit NFT trading volume hits all-time high as wallet holders near 3 million

According to information provided by Polygon and Dune Analytics, the trading measurement of Reddit nonfungible token (NFT) avatar postulation has eclipsed $1.5 cardinal successful the past 24 hours. The summation represents implicit one-third of the collection's cumulative trading measurement of $4.1 cardinal since launch. At the aforesaid time, Reddit NFTs' regular income measurement besides witnessed a caller all-time precocious of 3,780 integer collectibles changing hands.

Reddit Avatars are created by autarkic artists and are minted arsenic NFTs connected the Polygon blockchain. Users tin acquisition specified collectibles connected Vault, Reddit's cryptocurrency wallet. They tin past beryllium worn and displayed arsenic illustration pictures erstwhile users make contented connected the fashionable societal media platform.

After a nonstop purchase, the NFTs tin past beryllium bought and sold connected secondary markets specified arsenic OpenSea. While immoderate collections witnesser small to nary bids, others spot level prices supra $2,000. The highest terms for a Reddit NFT existent stands astatine $24,149, oregon 18 Ether (ETH).

Related: Reddit Avatar NFTs are witnessing volatile terms tags

Since their motorboat successful July, much than 2.9 cardinal collectible avatars person been minted. Correspondingly, the full fig of wallets holding Reddit NFTs is presently astatine 2.8 million. The collection's proviso has not surged successful proportion, though, with lone astir a fewer 1000 NFTs minted per time compared to the grounds regular complaint of astir 200,000 NFTs minted successful precocious August.

Reddit primitively designed the task arsenic a means of empowering artists to make NFT artwork and monetize their collectibles connected NFT marketplaces. Thus far, data show artists person earned much than $60,000 successful royalties from secondary marketplace income of the said NFTs.