On Monday, trading volume for NFT avatars on Reddit surpassed $1.5 million, an all-time high.
Today, there are different solutions for the exchange of digital assets, whether cryptocurrencies or NFTs (non-fungible tokens), it can be done through the classic cryptocurrency exchange platform, or with special players, but also on the side of social networks… is the case of Reddit.
52 million active users
Reddit is the network of the moment among young people and gamers, with 52 million active daily active users worldwide. More and more live assets are being exchanged there, especially NFTs and especially Reddit avatars. These are the avatars that network users use to post and advertise themselves, and each one is unique.
“Reddit avatars are created by independent artists and created as NFTs on the Polygon blockchain. Users can buy these collectibles in Vault, Reddit’s cryptocurrency wallet. They can be worn and displayed as photos profile when users create content on the popular social media platform,” a post from CoinTelegraph reads.
Users can also sell their avatar, exchanging it on the special OpenSea platform.
“While some collections saw little or no auction, others had floor prices above $2,000. The highest price for a Reddit NFT is currently at $24,149, or 18 ether “, underlined the article.
On Monday, the trading volume of avatars of non-fungible tokens (NFTs) exceeded $1.5 million, an all-time high, with 3,780 NFTs traded.
In one day, we have a third of the total volumes obtained since the exchange of NFTs became possible on the social network, i.e. since July. We also have impressive numbers from Vault, Reddit’s cryptocurrency wallet.
In fact, the total number of wallets holding Reddit NFTs is 2.8 million. A real little country of avatars that make a nice little market, very profitable. It is not surprising that the largest social networks began to look at it closely, because at the same time, the editions of NFT are in constant decline, which increases their scarcity effect.