Why Reddit Avatar NFTs Have Taken the Crypto Market by Storm

2 mins
25 October 2022, 20:45 GMT+0000
Updated by Ali M.
26 October 2022, 09:55 GMT+0000
In Brief
  • The Reddit Avatar NFTs are beating the likes of CryptoPunks in terms of Volume. Presently Spooky Season has more than twice the volume of CryptoPunks on OpenSea.
  • The highest asking price of a Spooky Season NFT is a whooping 750 ETH.
  • Reddit onboarded non-Web3 users by minimalizing the barriers that a new user might face while purchasing NFTs.
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Reddit Avatar NFTs, to everyone’s amazement, have more wallets than OpenSea. How did they manage to take the market by storm?

Update Oct. 26, 10:oo UTC: In the past 2 days, Reddit Avatar collectibles saw a 112% increase in volume, now standing at $7.43 in total sales volume from 25.7K sales, averaging $288 per sale.

Reddit Avatar NFTs trading volume
Source: Dune Analytics

Reddit is a well-known social networking platform with over 52 million Daily Active Users (DAU). It has features to categorize topics as subreddits, and users can show their opinions on other users’ posts by upvoting or downvoting them.

Reddit has onboarded over three million users to non-fungible tokens (NFTs). The number of wallets on the Reddit marketplace has overtaken the likes of OpenSea. The Reddit NFT marketplace works on the Polygon network.

The Reddit Avatar NFTs have taken the market by storm

As of writing, two collections from Reddit have placed themselves in OpenSea’s top 10 list. Spooky Season by poieeeyee has beaten the likes of CryptoPunks and the Ethereum Name Service collection based on volume. The volume of Spooky Season is almost twice the volume of CryptoPunks. The highest asking price of Spooky Season is 750 ETH which is equivalent to nearly $1 million for Midas Touch #83 

Whereas another collection from Reddit, The Senses, stands in 9th place with a volume of 146 ETH. The highest asking price is 150 ETH which is nearly equivalent to $223,054 for The Hands #1

Reddit NFTs
Source: OpenSea

Why such enormous demands for The Reddit Avatar NFTs?

The high demand for NFTs has been sending the price skyrocketing. Reddit onboarded non-Web3 users to NFTs by avoiding crypto jargon and using a not-so-complicated interface to onboard users.

The avatars could be bought only through fiat currencies. According to a Twitter user, “Non-Web3 users didn’t have to worry about purchasing ETH or MATIC on cryptocurrency exchanges.” This significantly helped Reddit onboard non-Web3 users to purchase its NFTs and eventually resulted in surging demand.

The mass adoption of NFTs

Considering the massive DAU of Reddit, the numbers are still low. The unique Reddit Avatar NFT holders are less than 0.1% of Reddit’s DAU. There is still plenty of room to grow. However, Reddit certainly took a successful first step into Web3 mass adoption and set a precedent for other Web2 companies.

Reddit partnered with Polygon because it offers low gas fees. For similar reasons, various other Web2 companies have partnered with Polygon. Starbucks, Adidas, Adobe, Meta, and The Walt Disney Company are some other notable Web2 companies that may onboard users to Web3 using Polygon and bring on mass adoption. 

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Disclaimer

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.

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