Last week, a company official said that Reddit users had made more than 3 million Polygon wallets and almost 3 million NFT avatars for them. Collectors see Reddit NFTs as great items to trade, which drives sales.
Collectible Avatars NFTs made by Polygon for Reddit were sold on the secondary market today for $1.88 million, which is up 799% from Sunday. A Dune user named polygon analytics put together data from the public blockchain. The dashboard shows that sales have gone up for five days.
In the last 24 hours, more than 4,700 Reddit avatar NFTs sold for $1.95 million. Today, 17 of the top 20 Reddit Collectible Avatars were sold. The top sale was a Spooky Season avatar by the anonymous artist poieeeyeee for 18 ETH, or $24,150.
Users who were eligible got free NFTs for Meme Team, The Singularity, Aww Friends, and Drip Squad. There are more than 2.8 million of these NFTs on OpenSea’s market, but they sell for much less than on Reddit’s.
Decrypt asked Reddit and Polygon how many Polygon NFTs are on the market and how they were released, but they did not answer.
Each avatar is based on Snoo, the alien mascot for Reddit, but was made by a different artist. The best collections from the Reddit project are The Senses by Rojom, Foustlings by Tyler Foust, and Spooky Season by poieeeyeee.
NFTs, which are blockchain tokens, are used to own avatars, profile pictures (PFPs), digital art, and video game items. In 2021 and the beginning of 2022, $25 billion worth of NFTs were traded. However, prices and sales volume have gone down in recent months due to a drop in the crypto market.