Reddit users are driving sales of the Polygon-based NFT collections on the site. As of Tuesday, total sales of the avatar collectibles had topped $6.5 million.
According to data from the secondary non-fungible token (NFT) market OpenSea, Reddit NFT collections have passed popular blue chip projects in the last few hours. Spooky Season is a collection of collectible avatars made by Reddit user poieeeyee. It currently has a trading volume of 538 ETH (about $760,000), which is just behind the leading NFT collection, Bored Ape Yacht Club, which has a trading volume of 642 ETH (about $906,000). OpenSea says that in the past 24 hours, the number of items in the Spooky Season collection has grown by 121%.
Other Reddit projects, like The Senses x Reddit and Foustlings x Reddit avatar collections, joined Ringers by Dmitri Cherniak and Chromie Squiggles in the top 10 on Tuesday morning.
Dune analytics, a blockchain data platform, says that Reddit NFTs have made more than $6.5 million in sales.
In July, Reddit opened its NFT marketplace and put out profile picture (PFP) avatars based on Snoo, the social network’s mascot. Since it came out, users have made 2.5 million wallets in the marketplace, the platform said last week.
Umbra1661 is a CoinDesk user who owns dozens of Reddit NFTs. He says that the growing interest in Reddit NFTs is due to Reddit’s “huge power” to get its community involved. “I do think the project will work and see growth potential because of how powerful Reddit is, but I just like the art!”
Franklinisbored, a well-known Ape collector, says that experienced collectors may be rushing to buy Reddit NFTs because they are so popular and easy to get. “I think whales like Reddit because it has made it easy and effective for a lot of new people to join NFTs. So, it shows that you trust and support their execution.”
TheRedditAvatarWhale, a Reddit user who says he has spent $50,000 on Reddit avatars, said on Tuesday that the appeal of collecting Reddit NFTs is that they “simplify” the process of collecting NFTs for a wider audience. Traditional funds that aren’t traded on an exchange have a steep learning curve that makes them hard to get into. The user also liked how useful they would be in the long run and how reliable Reddit is as a platform.
Some people think that the rise in Reddit NFTs has confirmed their long-held belief that PFPs are the best way to use NFTs, even for people who don’t know much about crypto. Even though the space has changed a lot over the past two years, its original appeal—art as a form of digital identity—remains strong.
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