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Reddit’s non-fungible token (NFT) avatars have generated significant market action in the NFT industry, as the collectible’s secondary market sale reached more than $5 million on October 24 across more than 20,000 sales. The demand for Reddit’s collectible NFT avatars minted on Polygon has also spurred over three million Redditors to leverage Reddit’s Vault blockchain wallet.
During the first week of July, Reddit revealed that the company had plans to release blockchain-backed avatars that leverage proof-of-stake (PoS) blockchain Polygon (MATIC). At the time, Reddit said Polygon was chosen for its “low-cost transactions and sustainability commitments.” On October 18, 2022, Reddit’s Product Manager Pali Bhat, while speaking at a Techcrunch Disrupt panel, explained that three million Vault blockchain wallets created by Reddit were created to date.
Bhat further told the event’s attendees that 2.5 million were created to get the latest NFT avatars. According to statistics sourced from blockchain analytics portal Dune Analytics, Opensea’s Polygon daily sales volume has skyrocketed and secondary market sales surpassed $5 million on Monday over 20,375 total sales. In the last 24 hours alone, collectible Reddit NFT avatars have recorded $1,951,860 in sales.
4,708 Reddit NFT avatar sales occurred across secondary markets over the past day, and today there are a total of 2,831,931 collectible avatars as of and since then ownership has increased by 8.552%. As of September 2022, ownership has grown exponentially, and there are currently 2,919,501 Reddit collectibles available.
Dune Analytics statistics published by the @polygon_analytics team show that 3.82% of Reddit collectibles are owned by whales. Polygon’s native crypto asset, polygon (MATIC) has reaped the benefits of the latest Reddit NFT avatar demand, as the digital currency has rallied 6.4% over the past 24 hours. In the seven days, MATIC has climbed 12.4% and during the last month, MATIC is up 15.4% against the US dollar. So far this year, however, MATIC is down 45.4% against the dollar.
What do you think of the recent surge in demand for Reddit’s NFT collector avatars? Let us know what you think about this topic in the comments section below.
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