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

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