Reddit’s NFTs surge as polygon-based avatars reach millions of new users

The online message board community Reddit has proven to be a significant force for NFT adoption, as an executive revealed last week that users created over 3 million Polygon wallets for them, with nearly three million NFT avatars in circulation. Today, sales are surging as collectors see Reddit’s NFTs as a major business opportunity.

Secondary market sales of Reddit’s collectible avatar NFTs, which are minted on Polygona Ethereum network scaling—have surpassed $1.88 million so far today, a 799% increase from Sunday. This is according to public blockchain data aggregated by Dune user polygon_analytics. Sales volume has climbed for five consecutive days, according to the dashboard.

Over the past 24 hours in total, the Reddit Avatar’s NFTs have generated approximately $1.95 million in sales from over 4,700 NFTs traded. A total of 17 of the top 20 individual Reddit Collectible Avatars sales took place today, including the top sale – a spooky season avatar by pseudonymous artist poieeeyeee which sold for 18 ETH, or roughly $24,150.

At TechCrunch’s Disrupt conference last week, Reddit Chief Product Officer Pali Bhat revealed that over 3 million Polygon-based Reddit Vault wallets were created by users to collect and exchange his NFT avatars. According to the Dune dashboard, more than 2.9 million avatars are now in circulation.

Some of these avatars were premium NFTs purchased from the site, with initial fixed prices ranging from $10 to $100 each. Based on data from Reddit flooraround 86,000 NFTs have been sold to users, and they now have a collective market capitalization (or value) of around $100 million.

However, many other Reddit NFTs were also distributedor streamed for free to some of the site’s most dedicated users in over 100,000 active communities (or subreddits), introducing many people to NFTs for the first time.

NFT Reddit from meme team, The singularity, Oh friendsand Drip Squad collections have been offered free of charge to eligible users. According to OpenSea Market, there are over 2.8 million of these NFTs in the market, although they are trading at prices far below those of the NFTs originally sold by Reddit.

Decrypt reached out to representatives from Reddit and Polygon to clarify how many Polygon NFTs are currently on the market and how they were released, but did not immediately respond.

Each avatar is based on Snoo, Reddit’s alien mascot, but with different visual styles contributed by an array of artists. Some of the most popular and valuable collections from the Reddit project include The Senses by pseudonymous artist Rojom, Foustlings by Tyler Foustand one Spooky Season Collection by poieeeyeee.

An NFT is a blockchain token that represents ownership of a single item, such as avatars or profile pictures (PFP), digital artwork, and video game items. The NFT market jumped to $25 billion in transaction volume in 2021 and continued this breakneck pace early 2022but has seen prices and sales volume fall in recent months amid continued decline of the crypto market.

NFT marketers have been talking about Reddit avatars all weekend, with some praising the collection for driving NFT adoption, as well as the streamlined interface Reddit has used to sell them. The initial purchase of NFTs from Reddit did not require the use of cryptocurrency, and neither did the platform. refer to his collectible avatars as NFTs.

Others saw the project – with its many stylized sub-collections – as a significant business opportunity, and prices on the secondary market rose alongside the growing number of sales. The cheapest rated NFT of a Spooky Season collab with pseudonymous artist Sys32Template, for example, is 2.7 ETH (over $3,600) at OpenSea right now.

Polygon’s MATIC token saw a notable price increase on Sunday, which matched growing hype around Reddit NFTs. MATIC is now up 6% in the last 24 hours to a current price near $0.90, per data from CoinGecko.