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/

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Once upon a time... a little boy named Leo loved to paint, draw and experiment. He also loved to play with blocks and chains, which drew him again and again into the rooms of his friends Michel and Angelo. Often they also met in virtual rooms of Cryptovoxels, Decentraland, Somnium Space or Sandbox to create new inventions, read books about new technologies, or just swing the brushes. But on this day something gigantic happened. A good friend of Leo came to visit and brought his girlfriend Mona, who wanted a piece of Leo's art on her skin. This was the birth of the NFT's, as Leo developed Non Fungible Tattoos in the Block Chain Dungeon of Michel and Angelo. From that day on people from all over the world came to get NFT's from Leo or one of his students, like "Skeenee the rat", who controls the NFT machine with his laptop. A new age began.
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Playtime At Le Mans | From [The Room] series A creation which focuses on minimalism and the beautiful characteristics of the famous Le Mans Porsche 917K. Do you prefer the relaxed day cycle of the Gulf Blue... or the more engaging and exciting Gulf Orange. What mood are you in? Will you win over your imagination. The cycle of time lives on...
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An anthropomorphic figure stands, wide eyed, staring at the viewer; its body masculine, muscular, and humanoid. Its “mind” dissociates into a conglomerate of structures resembling feathers, grain, teeth–as well as a radial flower “node”, casting linear rays throughout the composition. To his left, a vat of bodies gesture and writhe in a kind of amniotic soup, attended by a video game robot. The bot's red display reads “uWu”. Behind the robot and filling the left side of the composition is an archaic figure composed of a variety of vintage objects and symbols. Among them are a hardbound book with ancient cuneiform scripts, indicating barley, beer, bread, ox, house, and sky, behind which is a grimacing, salivating jagged toothed maw; and an old Commodore floppy drive. The figure’s head tilts toward an illuminated crescent moon, suggesting the Egyptian Sacred Bull. The archaic figure is composed of a variety of mutating cells, which shift in color, and pattern; eventually breaking free into an ephemeral broadcast of bubbles which move across the background. The work came into being against a psychological introspection, which included associations to pop culture such as alien abduction and pod people, as well as quite a bit of reflection on grains as a symbol of civilization, agriculture, sustenance, life, and imbibing (mainly whiskies).