Trading volume in Reddit’s NFTs rises by $2.5 million in 24 hours

by James · October 25, 2022

Trading volume in Reddit’s NFTs rises by .5 million in 24 hours

Polygon-powered Marketplace tracks MATIC to 13% gain

Reddit’s NFT avatars are off to a strong start, with the collections driving $2.5 million in trading volume in the past 24 hours, according to Dune Analytics.

And the performance is a boon for Polygon, which supports the NFT market. The smart contract network’s native token, MATIC, has jumped nearly 13% in four days compared to a 5% increase for Ether over the same period.

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Avatars

Dune’s dashboard shows that more than 2.8 million wallets contain Reddit’s NFT avatars. The collections drove $6 million in volume and 22,229 sales since launching in July.

The floor prices for the collections vary significantly, from 0.05 ETH to 1.73 ETH.

Skeptics believe that the investors buying Reddit’s NFT avatars on the secondary markets may be setting themselves up for disappointment.

“NFT Twitter Got So Excited They Got Exit Liquidity,” so DanielitoG25, an NFT collector with a Bored Ape avatar on his Twitter profile.

SpeedyDemons,1,e1657106248976 — *Collectors collect Reddit NFTs on its polygon-powered marketplace.*

Others praise Reddit for driving NFT adoption among new users. “Reddit users get red on ‘digital collectibles,'” Lark Davis, a popular crypto influencer, posted. “NFTs will be bigger than most can imagine still!”

BAYC2745 by Psychedelics Anonymous chimed in: “NFTs will be mass adopted by hundreds of millions (eg Reddit PFPs) of people who have no idea they are interacting with NFTs.”

Polygon driven marketplace

Reddit launched its Polygon-powered NFT marketplace on July 7th. Polygon PoS Chain is the No. 6 smart contract network with a total value locked at $1.2 billion, according to DeFi Llama.

The Reddit avatar NFTs were sold for between $9.99 and $99.99 each. Reddit’s most active users were also eligible to receive an avatar via airdropalthough the freely issued NFTs fetch lower prices in the secondary markets.

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The artists who designed the NFTs get a share of the sales on the secondary market. So far, artists have earned more than $103,000 in royalties from the compilations.

MATIC’s rise comes as Polygon continues to partner with large companies. On October 20, Nubank, a Latin American fintech serving more than 70 million customers, announced that it will launch a blockchain and native token leveraging Polygon’s technology.

In September, Robinhood launched its Polygon-powered web3 wallet in beta to the first 10,000 iOS users on the waiting list. In April, Stripe also began processing USDC payments via the Polygon PoS network.