Reddit’s collectible NFT avatar secondary sales volume exceeds $5 million

Demand for Reddit’s collectible NFT avatars minted on Polygon has also prompted more than three million Redditans to use Reddit’s Vault blockchain wallet.

Demand for Reddit’s collectible NFT avatars is skyrocketing – $5 million in secondary sales sold out of 20,000 sales.

In the first week of July, Reddit revealed that the company planned to launch blockchain-backed avatars that leverage the Polygon (MATIC) proof-of-stake (PoS) blockchain. At the time, Reddit said Polygon was chosen for its “low-cost transactions and its commitments to sustainability.“On October 18, 2022, Reddit’s chief product officer, Pali Bhat, explained, while speaking to on a Techcrunch Disrupt panel, that three million Vault blockchain wallets created by Reddit have been created to date.

Pali Bhat also told event attendees that 2.5 million avatars have been created to get the latest NFT avatars. According to statistics from blockchain analytics portal Dune Analytics, on Opensea the daily volume of polygon sales has skyrocketed and sales on the secondary market crossed $5 million on Monday, with a total of 20,375 sales. In the last 24 hours alone, the collectible Reddit NFT avatars recorded $1,951,860 in sales.

4,708 Reddit NFT avatar sales have taken place on secondary markets in the last day, and today there are 2,831,931 total avatar holders on October 24, 2022. On August 19, 2022, there were 32,730 avatar holders to collect and since then ownership has increased by 8,552%. As of September 2022, ownership has increased exponentially and there are currently 2,919,501 Reddit collectible avatars available.

Dune Analytics statistics published by @polygon_analytics show that 3.82% of Reddit collectible avatars are owned by whales. Polygon’s native crypto asset, has reaped the rewards of Reddit’s latest demand for NFT avatars, as the digital currency is up 6.4% over the past 24 hours. In seven days, MATIC has climbed 12.4% and over the past month, MATIC has gained 15.4%. However, year-to-date, MATIC is down 45.4%.