It has been reported that the increase represents over one-third of the collection’s cumulative trading volume of $4.1 million since launch. At the same time, the daily sales volume of Reddit NFTs also witnessed a new all-time high of 3,780 digital collectibles changing hands.
However, Reddit avatars are created by independent artists and are minted as NFTs on the Polygon blockchain. Users can purchase such collectibles on Vault, Reddit’s cryptocurrency wallet. They can then be worn and displayed as profile pictures when users create content on the popular social media platform.
The report said that after being purchased purchase, the NFTs can be bought and sold on secondary markets such as OpenSea. While some collections witness little to no bids, others have floor prices above $2,000. The highest price for a Reddit NFT current stands at $24,149, or 18 Ether.
Likewise, since their launch in July, more than 2.9 million collectible avatars have been minted. The total number of wallets holding Reddit NFTs is currently at 2.8 million. The collection’s supply has not surged in proportion, with only around a few thousand NFTs minted per day compared with the record daily rate of around 200,000 NFTs minted in late August.
Thus, Reddit originally designed the venture as a means of empowering artists to create NFT artwork and monetize their collectibles on NFT marketplaces. So far, data show that artists have earned more than $60,000 in royalties from secondary market sales of the NFTs.