NFTs launched by Reddit, a social media platform, have surpassed $2.5M in trading volume.
Reddit launched its NFTs tagged “Digital collectibles” in early July 2022. These collections were made by popular independent artists in the community. They didn’t gain much sale traction up until October as sales volume has crossed the million-dollar mark.
This has caused a buzz in the NFT community as Reddit did this in a very subtle way that even NFT degens aren’t finding out till now
History of Reddit NFTs
Reddit, a social media platform with over 50 million users, launched their NFTs called Blockchain-backed “collectible avatars” in early July. Users can create their avatars and customize them in whichever way they want in the avatar shop.
you can buy these avatars with a credit card and store them on Reddit’s native crypto wallet also called the “Vault”.
Avatar heads/faces have a similarity with the platform’s main logo. Reddit also launched their own native cryptocurrency, which they tag under the “community point” system. These points allow users to own a portion of their favorite communities.
These points can be earned by contributing to communities through content creation or moderating. Each community point is customizable and can be used outside of the app.
Reddit launched these collectibles using the polygon blockchain. It’s no surprise given that the community values ecosystem sustainability and polygon technology rhymes with that. Polygon transactions are also relatively cheap and this will make trading cost-free on the platform.
The platform aims to promote decentralized ownership on the platform where Redditors can own their communities and also earn rewards for their contribution to these communities.
Highest sales and unique wallets
Data from Dune analytics shows that unique wallets are more than 3 million, beating the largest NFTmarketplace open sea, which has about 2.3 million unique wallet addresses and Opensea’s competitors like Magic Eden and XYX2.
Unique wallets started getting momentum on August 8th and are following a consistent uptrend up until now, 31st October.
Currently, The supply of digital avatars is low, capping few thousands per day which is in contrast to the 200,000 daily supply average that we were witnessing back in August.
Data from dune analytics show that the collection with the highest sales is the “Senses” and the highest sale is sitting at 30 ETH which is approximately 40,000 dollars.
The success of these NFTs shows once again the potential of NFTs and how NFTs can change the landscape of communities. NFTs promote digital asset ownership and decentralization. The value of NFTs is only starting to unfold.