Is the Reddit NFT hype diminishing?
Reddit NFTs have gained a lot of popularity in the last weeks, mainly due to the social media company’s excellent Web3 strategy
On October 24, the 24-hour volume reached a record high of $2.5 million
The collectible avatar sales volume has surpassed $10 million, but the daily volume is falling each day
Reddit NFTs have gained a lot of attention from the NFT community. The social forum platform’s collectible avatars (PFPs) have already topped $10 million in all-time sales volume, but the daily number is falling.
The Reddit NFT marketplace first opened in July, but users weren’t as excited, and the first collection didn’t receive much recognition. In the past several weeks, the platform’s most active users have begun receiving collectible avatars for free. Along with Halloween-themed collections and the easiness of purchasing the collectibles (with a credit card), interest in Reddit’s NFTs grew. Using “collectible avatars” instead of NFTs has also aided the platform in gaining non-NFT supporters.
Last Monday, the Polygon-based NFTs reached $2.5 million in sales volume. As per data by Dune Analytics, the sales volume has kept dropping every following day. On October 30, the sale reached $388.540. In one week, the daily volume fell by 85%.
Reddit sold 86,000 NFTs valued between $10 and $100. Now, the number of NFTs has almost reached 3 million.
One notable NFT collector, Franklinisbored, commented on the NFT popularity: “Whales are liking Reddit [NFTs] just because of how easy and successful they have brought in a massive group of newcomers to NFTs. So it’s a show of support and confidence in their execution.”
According to data from two weeks ago, more than 2.5 million users have NFT wallets on Reddit, compared to 2.3 million in the largest NFT marketplace, OpenSea. On average, the platform has 52 million daily active users.
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