31/10/2022 Reddit Just Passed $10M in Sales in 3 Months - NFT News and Insights from the Ecosystem - NFTgators

Quick take:

  • Reddit NFTs have hit $10 million in transaction volume.
  • Despite the market downturn, the collection took just 3 months to reach the milestone.
  • The social news aggregator platform is celebrating the success of its NFT journey by releasing 5000 NEW Reddit Collectibles into the Metaverse.

Non-fungible token (NFT) sceptics have been having a field day over the past few months. It is impossible to count the number of times publishers have led with the headline “NFTs are dead!”.

Yet in the midst of the despair and bearish sentiment in the market, Reddit just became the biggest NFT platform by user base in a space of three months after 2.5 million users created wallets to buy its NFT avatars.

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Reddit’s NFT journey couldn’t have gotten up to a more exciting start. The popular social news aggregator platform’s NFTs (digital collectible avatars) rallied to a cumulative sales volume of $10 million on October 31, barely three months after its launch.

The rapid rise in sales volume comes following the platform’s launch of its second series of Reddit collectibles avatars on October 20.

Image source: Dune Analytics

Quick background on Reddit NFTs

In July, Reddit launched itsPolygon-basedNFT marketplace and vault wallet, allowing users to trade and store NFTs avatars— (a collection of digital avatars created by independent artists based on Reddit’s mascot Snoo).

AnNFTis a cryptographic file representing proof of ownership of a JPEG, a music track, a video clip, artwork, a digital collectible or merchandise. Holders of Reddit collectible avatars have the right to use the avatars as profile pictures on and off the platform.

Reddit NFT avatars were first offered to members of the r/CollectibleAvatars, an invite-only subreddit. In the first phase, Reddit sold 86,000 NFTs priced between$10 and $100, allowing users to buy in crypto or fiat with debit or credit cards.

Last week, the Reddit NFT marketplace witnessed a significant spike in transaction volume, rising 168% to $5.9 million according to CryptoSlam data.

Image source: CryptoSlam.io

The rapid rise in Reddit NFT sales also appeared to boost NFT activity on Polygon blockchain with the Layer 2 scaling protocol boosting Polygon NFT transactions on OpenSea to $14.59 million in October.

On-chain data obtained from a dashboard on Dune Analytics indicates that OpenSea Polygon Volume witnessed a huge spike last week, with October 24, posting a daily high of $3.8 million.

Image source: Dune Analytics

Reddit onboarding millions onto web3

Last week, Reddit’s chief product officer Pali Bhat said the platform users created over 3 million Polygon wallets, withmore than 2.5 millioncreated to buy NFTs avatars. That’s already more than the 1.827 million users registered on OpenSea. The platform now boasts a whopping 2.87 million Reddit NFT holders, with just 3.79% being whales, according to the Polygon Analytics Dune dashboard.

Reddit boasts 52 million daily active users. With the platform allowing users to buy collectible avatars using debit and credit cards, Reddit is strategically positioned to onboard a big chunk of its user base to the world of NFTs.

On Monday, the company airdropped 5000 new Reddit Collectibles intothe metaverseto celebrate the good start to its NFT journey.

Dubbed the CryptoSnoos NFTs, in honour of the famous Reddit mascot, the NFTs are classified into three (Legendary, Epic and Rare), depending on rarity. Legendary is a one-of-a-kind NFT and the rarest of them all.

Arts

https://www.nftgators.com/reddit-just-passed-10m-in-sales-in-3-months/

Interesting NFTs
CryptoKitties
What's up! I'm Kitty #436953. In high school, I was voted school jock. I was voted school jock in college. In time you'll learn how purrfect I am.
Bush warbler and roses
Katsushika Hokusai (1760-1849) Bush warbler and roses 1834 - Japan
OriginalplanÂŽ - Series 1 - Raw Cut Diamond Be@rbrick
The Be@rbrick series is a project around creating unique Be@rbrick designs. Originally it started as a daily project so each design was created on a daily basis. The concept and idea is based on the subcultural phenomenon of collectibles and designer toys. Raw Cut Be@rbrick is made of several hundreds of diamonds and is only availabe as a 1/1 limited edition collectible. Format : 3D Render. File: JPG * size: 5120 × 2880px After purchase a hand signed Glichē print will be sent to the address of your choosing. Limited to: 1/1 digital pieces.
CryptoPunk #5217
The CryptoPunks are 10,000 uniquely generated characters. No two are exactly alike, and each one of them can be officially owned by a single person on the Ethereum blockchain. Originally, they could be claimed for free by anybody with an Ethereum wallet, but all 10,000 were quickly claimed. Now they must be purchased from someone via the marketplace that's also embedded in the blockchain.
The Scion
A young figure caught in a moment of distraction, aware only ephemerally of his unconscious being, as it engages in psychological and psychedelic layer spaces. His right arm casually cradles a moray eel; the figure is comfortable but not truly aware of the potentials for danger in such negligence. His shirt reads “Bello” in Pokemon style font, harkening back to a childhood straddling the millennial threshold. To his right side, out of the unconscious deep, shrouded alien heads propagate as a fractal totem, each new iteration a more sophisticated rendering of emotional masking over the cold mystery of the greys. As the scion of the Budgie-Sattva, the young man, in his distraction, is also simultaneously aware of higher levels of self discovery. To his left a psychological topology sets beneath the oracle side of an 8 ball ,hovering; its message a purest concept of acceptance. The “Scion” lettering is in 80’s HeMan style bold declaration. The lower right side of the painting is like a hybrid of melon, feathers, and seeds. The crystals in the background bring light; conducted, refracted, reflected, and dispersed, to balance the dark shadow of the figure’s physical body. The aura of the scion succeeds in layers to point, with a finger, and the crown chakra, toward a center of a mandala existing as nigh pure application of strokes, in essence painterly abstraction, but also revealing hints of the Aura of migraine, and the bi-hemispherical nature of the brain–noting concerns of the possibility of inherited mental disease. Yet the flourish of chakra as it sets against that center is robust, active, coherent, and reveling against all fear. Fundamentally, the piece speaks to the activation of one’s potential to begin to “Know Thyself”, and find greater awareness out of the enigmas of the mind–as an inculcated seed given to the rich soil of one’s own birthright.