Reddit NFT trading volume reaches record high. The number of nonfungible tokens being minted has been progressively dropping in the meantime.
The trade volume of Reddit nonfungible token (NFT) avatars has surpassed $1.5 million in the previous 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 inception. At the same time, 3,780 digital collectibles reached a new all-time high in the daily sales volume of Reddit NFTs.
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 bitcoin wallet. When users post information on the well-known social networking site, they may subsequently put them on and show them as profile images.
The NFTs may 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. A Reddit NFT current may be purchased for as much as $24,149, or 18 Ether (ETH tickers are down $1,345).
More than 2.9 million collector avatars have been produced since their inception in July. Accordingly, there are presently 2.8 million wallets holding Reddit NFTs in total. However, the supply of the collection has not increased proportionally, with just 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 markets. According to data thus far, royalties from the secondary market sales of the NFTs have brought in more than $60,000 for the artists.
