Reddit non-fungible token trading surged on Monday, amassing $2.4 million in trading volume with 5,003 avatars sold. The upsurge in trading took place across many collections, including Drip Squad, Foustlings, and poieeeyee’s self-titled collection. To date, Reddit NFTs have garnered $6.3 million in sales with 23,070 NFTs sold.
The sudden action surrounding Reddit NFTs came shortly after Reddit Chief Product Officer Pali Bhat shared that Redditors had created 3 million NFT wallets through the company’s Vault program. At the time Bhat gave his remarks at a TechCrunch conference, Redditors had used 2.5 million of those wallets to purchase NFTs, giving the company more active NFT wallets than OpenSea.
Today, there are 2.9 million Reddit NFT avatars, with 2.8 million single avatar holders. Whales, a term that refers to people with deep pockets who can influence the markets a great deal, hold just 3.8% of all Reddit NFTs, a remarkably low percentage. The highest sale of a Reddit NFT is from The Senses collection, where an individual NFT sold for 30 ETH or around $40,000.
Over the summer, Reddit released its NFT collection, pricing them between $10 and $100 for a single NFT. The company based its NFTs on its popular “Snoo” character, with many artists interpreting the character to create the avatars. In addition, Reddit airdropped some avatars to Redditors who had a high number of “karma points,” a metric that rewards users for being active in the community.
Many high-profile members of NFT Twitter commented on the news Monday, saying that Reddit had successfully onboarded millions into the world of NFTs. Others speculated that this would be a good trading opportunity, possibly leading to the spike in trading volume that day. Today, the Reddit NFTs have a trading volume of $921,000.
Reddit Has Been Busy in 2022
Reddit has long experimented with Web3, with co-founder Alex Ohanian investing in Web3 companies and Reddit itself diving into the world of NFTs in 2022. Here are three stories we have covered involving the message board website and NFTs this year.
First, there is the Reddit NFT airdrop. Started two months, the airdrop rewarded Redditors with a high number of karma points. The airdrop coincided with the sale of the first Reddit NFTs to the general public.
Second, there is Reddit’s NFT marketplace. In preparation for its NFT sale, it launched an NFT avatar marketplace where it could sell its NFTs for fixed prices. Reddit said at the time that it would be dropping “tens of thousands” of NFTs with 90 unique designs.
Third and finally, there is Reddit’s experiment with NFT avatars. Eight months ago, Reddit toyed with introducing a feature that would allow Redditors who owned general NFTs to upload those images to the website and have them verified.
The surging volume for Reddit NFTs shows that the NFT space is alive and well, even during a wider cryptocurrency bear market. Here at Rarity Sniper, we’ll keep our eyes open for any further developments in the story.