Reddit NFT Avatars Value Rises Exponentially

In the previous 24 hours, Reddit’s electronic NFTs transaction volume exceeded two point five million dollars. This accounts for more than a third of the $6.3 million in total transactions the collection has seen since its inception. 

The daily sales volume of Reddit NFTs also changed, dropping from its previous high of 5,383 NFTs, according to Dune Analytics, at the same time. Additionally, there are currently 2,838,347 owners of collectible avatars, bringing the total to close to 3 million. Now, 2,925,196 collectible avatars are in use, and 2,813,700 of these people own individual collectible avatars. 

The NFT as avatar

Early in July of this year, Reddit first announced the introduction of NFT avatars. PFP limited editions are produced by independent artists and provide their owners with the advantages of a distinctive platform. Reddit’s 1st significant attempt to become part of the NFT market, the project is built on the Polygon blockchain. 

The media service also introduced a market framework shortly after the collection’s announcement, where users could pay a set price to buy blockchain-based profile pictures. Although “tens of thousands” of NFTs have been sold during this early access period and 90 different designs have been made available, clients do not require a cryptocurrency system address to pay for them. 

CryptoSnoos NFT Reddit

Users can purchase digital collections made by independent artists and Reddit creators with fiat money. Reddit clients are able to utilize NFT as their personal page avatars and watch their own animations, just as NFT owners showcase their digital collections on Twitter. During a Techcrunch discussion recently this year, Bhat broke the news, adding that 2.5 million wallets had been set up to buy NFT pictures to utilize them as personal page photos. 

The late increase in need for Reddit profile pictures has also benefited MATIC, Polygon’s native token. The price of the coin is currently $0.902061, an increase of 1.4 percent from yesterday. Within the past week, MATIC increased by 6.3 percent, and in comparison, to the US dollar last month, MATIC increased by 19.3 percent. The coin has nevertheless lost about seventy percent of its value since its peak.

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