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
Auto-Erotic Sphinx with Toys
In this image, a giant sphinx spoons itself in erotic play within an aquatic styled environment littered by various denizens. These creatures include symbols and archetypes both current and nostalgic–each inhabiting a rootedness within mass cultural adolescence. Among the roster are Servbots, video game inspired mushrooms, a Pacman-like creature, a distant sea faring rubber duck, creatures sporting the symbols reminiscent of popular anime, and a Pokemon-like rabbit (a novel incarnation of Ganesha indicated by the Shiva trident on its nose). In addition, a few sea creatures partly inspired by sea monsters of western antiquity conglomerate along the mid left side of the composition. The Sphinx itself is an amalgam of aquatic, fetishist, ancient Egyptian, and 80’s style adornments, both living, as in a clown fish, or material, such as a cassette tape. Nautically colored antennae receive somatic signals from the atmosphere, perhaps from the 8 Ball moon or giant ringed planet beyond.
Smile to Shreds, Neon Gwen
The First KayPikeFashion Mint Ever. Ever feel so joyful and were grinning so hard you felt you could split in half? That punk rebel yell of glee when you pull of a particularly refined stunt? This is the paint of dreams, fangs and neon. Hellish and hard to pull off. I was able to with this work quietly paint a sweet inner tale of childhood influences, rat fink and autobody shops. All while pretending to paint gwenom for the audience. More on that in bonus material. This is my alternate animation made specifically for crypto art collectors. It will only ever exist in this format. You get the Shiny, unused in media verified image. More on that in the bonus material. Mixed Media: Bio/Digital. Glycerin on 5'9" human skin 10-14 hours Performance art. Shot on Canon EOS RP. 16 + hours Photoshop and DaVinci Resolve. All Works are SFW. Art has been Seen on the front page of Reddit, Featured in the New York Times, Galileo.tv, and multiple other promotions including Twitch.tv, Disney Interactive, RIOT games, WB games, AMD and more! More on how this art is unique and potentially explosive in the NFT world: https://youtu.be/CXbNF2Y6srs ------------------------- The purchase of this NFT Grants the buyer unique bonus material. Physical Mail Bonus Package: A verified physical Art Print. Autographed from the artist in 12x16. Please allow a few weeks for delivery. Digital Bonus Package: This image in .mp4. An "About the Art" Video and an "From the Artist" introduction. A README.txt about the artwork with some personal notes and Links relevant to the artwork.
CryptoKitties
Aloha! I'm Kitty #230305. I've never told anyone this, but I once licked a dog. I put marmalade on everything. Like, everything: hot dogs, cantaloupe—everything! We can be friends, but keep the ultra purrsonal stuff to yourself, please.
Alex in Wonderland
A figure, Alex, stands mostly naked in the midst of a physical and psychological maelstrom. He is clad only in nostalgic 80’s era socks, on a tenuous island between active waters and a variety of shark denizens. Sharks on the right side of the image are all beached, including a shark with a quartz crystal snout, an orange shark wrapped in a life buoy, and a shark further in the distance wearing an 80’s style shirt with the number “88”. On the left side is the largest shark, wearing bright glossy red lipstick and brandishing prominent teeth with braces. She is cordoned off from the figure by a roped float divider, and within her thought bubble is a warning symbol. Behind the figure, hovering in the air, are Grey aliens emerging from the distance, out of a series of elliptical UFO shaped interdimensional membranes. The Greys take on the visual form of spermazoa ostensibly impregnating the interdimensional thresholds. As is typical, these Greys inhabit a zone just behind the unconscious topology of Alex’s dissociative mind. Though Alex’s bottom half is representative, his top half mutates into a psychological cornucopia. In a manner akin to “Auto-Erotic Sphinx”, a predecessor work, the figure has self suctioned—an act of sensual infatuation, enjoyment, and exploration. Upward exists the figure’s primary conscious eye, adorned with a revolutionary beret emblazoned with a Bitcoin badge. The figure’s summit features the nose of a fighter jet facing off against video game Bullet Bills, one of whom is marked by a communist North Korean star. A cropped section of a UFO observes the contest. Alex’s mind branches both left and right. To the left is more singular embodied consciousness, manifesting two eyes and a Ganesh trunk grasping crayons. The right branch dissociates upward diagonally, emerging into an array of eyes, faces, teeth, tail, a unicorn horn, and much more—all of which participate in expressing his unconscious being; a democracy of psychic factions representing thought impressions and associations. All illumination and darkness– fernal, infernal, high consciousness and corporeal underbelly–reside in this realm. In the distance are relatively languid, light clouds, and against the firmament hovers a colossal distant eye peering over the scene and far beyond. This painting possesses underlying genetic traits with previous works such as “Auto-Erotic Sphinx with Toys”, “Dionysus”, and “Fuku-Shiva”. The work serves also as a nod to an earlier period of art inspiration during late teens and early twenties— born out of the nakedness, vulnerability, curiosity, and wonder inherent to coming of age and all subsequent psychedelic revelation.
Death Dip
#XCOPY #GIF #death #dip #lurking