Reddit NFT trading volume hits all-time daily high as avatars sell out

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Red­dit non-fun­gi­ble token (NFT) avatar trade vol­umes hit an all-time high on Oct. 25, with sales exceed­ing US$2.5 mil­lion in the past 24 hours, accord­ing to data from Dune Ana­lyt­ics.

See relat­ed arti­cle: Red­dit teams up with FTX to inno­vate com­mu­ni­ty points

Fast facts

  • Over­all sales for Red­dit avatars stand at US$6.1 mil­lion, with sales in the past 24 hours account­ing for over 40%. The entire col­lec­tion is sold out.
  • Red­dit NFTs also hit an all-time high in total sales, with over 5,300 avatars trad­ed in the past 24 hours. 
  • Red­dit Chief Prod­uct Offi­cer Pali Bhat said dur­ing a TechCrunch Dis­rupt pan­el that over three mil­lion Red­di­tors cre­at­ed wal­lets using Reddit’s Vault Blockchain, 2.5 mil­lion of which were cre­at­ed to pur­chase NFT avatars.
  • In com­par­i­son, the world’s biggest NFT trad­ing plat­form, OpenSea, only has around 2.3 mil­lion active NFT wal­lets, accord­ing to Dune
  • Avatars are cre­at­ed by 30 inde­pen­dent artists and cost US$9.99–99.99. Once a user buys an avatar, it is mint­ed as an NFT on the Poly­gon blockchain.
  • Red­dit launched its NFT mar­ket­place in July, allow­ing users to buy “Blockchain-backed Col­lectible Avatars,” that can be used as pro­file pic­tures on the platform

See relat­ed arti­cle: Apple will not allow NFTs to unlock in-app features

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