Reddit NFTs Just Passed $10M in Sales in 3 Months – NFT Ecosystem News & Insights

Quick take:

• Reddit NFTs have reached $10 million in transaction volume.
• Despite the market downturn, the collection took just 3 months to reach the milestone.
• The social news aggregator platform is celebrating the success of its NFT journey by releasing 5,000 NEW Reddit collectibles in the Metaverse.

Non-fungible token (NFT) skeptics have had a field day in recent months. It is impossible to count the number of times publishers have led with the headline “NFTs are dead!”.

Still, amid the despair and bearish sentiment in the market, Reddit just became the largest NFT platform by user base within three months after 2.5 million users created wallets to purchase their NFT avatars.

Reddit’s NFT journey couldn’t have gotten off to a more exciting start. The popular social news aggregator platform’s digital collectible avatars (NFTs) soared to a cumulative sales volume of $10 million on October 31, barely three months after launch.

The rapid increase in sales volume comes after the platform launched its second series of Reddit collectible avatars on October 20.

Quick background on Reddit NFTs

In July, Reddit launched its polygon-based NFT marketplace and vault wallet, which allows users to trade and store NFT avatars— (a collection of digital avatars created by independent artists based on Reddit’s mascot Snoo).

An NFT is a cryptographic file that represents proof of ownership of a JPEG, music track, video clip, artwork, digital collectible or merchandise. Holders of Reddit collectible avatars have the right to use the avatars as profile pictures on and off the platform.

Reddit NFT avatars were first offered to members of r/CollectibleAvatars, an invite-only subreddit. In the first phase, Reddit sold 86,000 NFTs priced between $10 and $100, allowing users to buy crypto or fiat with a debit or credit card.

Last week, the Reddit NFT marketplace witnessed a significant increase in transaction volume, rising 168% to $5.9 million according to CryptoSlam data.

The rapid increase in Reddit NFT sales also appeared to increase NFT activity on the Polygon blockchain with the Layer 2 scaling protocol increasing Polygon NFT transactions on OpenSea to $14.59 million in October.

On-chain data taken from a Dune Analytics dashboard indicates that OpenSea Polygon Volume witnessed a huge increase last week, with October 24th seeing a daily peak of $3.8 million.

Reddit brings in millions on web3

Last week, Reddit’s product manager Pali Bhat said that the platform’s users created over 3 million Polygon wallets, with more than 2.5 million created to buy NFT avatars. That’s already more than the 1.827 million users registered on OpenSea. The platform now boasts a whopping 2.87 million Reddit NFT holders, with only 3.79% whales, according to the Polygon Analytics Dune dashboard.

Reddit has 52 million daily active users. With the platform allowing users to purchase collectibles using debit and credit cards, Reddit is strategically positioned to bring a large portion of its user base into the NFT world.

On Monday, the company aired 5,000 new Reddit collectibles into the metaverse to celebrate the good start of the NFT journey.