Since July, around 3 million Reddit avatar NFTs have already been minted.
The trading volume of Reddit non fungible token (NFT) avatars has surpassed $1.5 million at the start of the fourth week of October 2022. The rise accounts for more than one-third of the collection’s total trading volume of $4.1 million since its inception. Simultaneously, the daily sales volume of Reddit NFTs reached an all-time high of 3,780 digital collectibles being traded in a day.
Speaking of Reddit NFTs, independent artists develop these Reddit avatars, which are then minted as NFTs on the Polygon blockchain. These NFTs can be bought through the Reddit crypto wallet called Vault. Users can later wear and post them as profile photos when they create or interact with content on the platform. What’s more, Reddit NFTs can be bought and traded on secondary marketplaces like OpenSea after being purchased.
More than 2.9 million collector avatars have already been produced since their inception in July, 2022. Accordingly, there are currently 2.8 million wallets holding Reddit NFTs in total as of now. However, the supply of the collection has not increased proportionally, with only a few thousand NFTs being produced daily as opposed to the high daily rate of almost 200,000 NFTs created in late August.