Reddit NFTs have seen significant success in the last few days and achieved another milestone in the last few days, generating $2.54 million in sales.
The sudden spike represents a 1,000% increase in the sales volume within 24 hours. It also took the total sales for the Collectible Avatar to over $8 million from almost 28,000 sales.
The rise in the sales volume for Reddit Collectible Avatar NFTs comes despite a general decline in the crypto market. Roughly 40,000 PFP avatars were created by artists in the Reddit community NFT, while marketplaces like OpenSea have seen transaction volumes drop by over 90%.
Reddit NFTs: More Users Than OpenSea
With more crypto enthusiasts becoming interested in Reddit NFTs, industry experts claim that the social media platform has now onboarded more people into NFTs than OpenSea.
About 3 million new wallets have opened since Reddit launched its Redditfloor marketplace. In fact, users have minted over 86,000 NFTs since the Collectible Avatars NFTs dropped in July.
DappRadar shows that OpenSea only has 2.3 million users, and rival NFT marketplaces like Magic Eden and LooksRare have fewer.
One of the factors responsible for the success of Reddit Avatar NFTs is how the social media platform tries to distinguish its digital assets from regular NFTs. It avoids using crypto language as much as possible, referring to the NFTs as digital collectibles, tokens as coins, and wallets as vaults.
The social media platform helps users pay for the collectibles with US dollars instead of crypto. Users also can change the features of their NFTs right from the platform.
Many have pointed to the success of the Reddit Avatars as a sign of the potential for NFTs.
A Coinbase report noted that while other social media platforms have NFT integration that allows people to show off their NFTs, Reddit strategy focus on community building.
The note also pointed out the role of the Polygon blockchain in the success of the Avatar NFTs. The L2 blockchain is compatible with Ethereum and allows users to transact faster and at lower costs. Coinbase believes these solve the barriers to adoption.
BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.