Reddit ‘Digital Collectibles’ Trading Volume Shoots Past All-Time High – Here’s What You Need to Know
The trading volume of Reddit's digital collectible NFTs has surpassed $2.5 million in the past 24 hours, representing over one-third of the collection’s cumulative trading volume of $6.3 million since launch.
At the same time, the daily sales volume of Reddit NFTs also witnessed a new all-time high of 5,383 NFTs changing hands, as per data by Dune Analytics.
Moreover, the number of total collectible avatar holders has approached the 3 million mark, currently sitting at 2,838,347. From that tally, 2,813,700 are single collectible avatar holders, with 2,925,196 total collectible avatars currently in circulation.
Dune Analytics stats further shows that 3.82% of the Reddit collectible avatars are owned by whales.
Reddit initially announced the launch of its Collectible Avatars in early July this year. Created by independent artists, the limited-edition PFPs confer unique platform benefits to their owners. The project is backed by the Polygon blockchain and was Reddit’s first large-scale foray into the NFT space.
Shortly after announcing the collectible, the social network platform also launched a marketplace to allow users to purchase blockchain-based profile pictures for a fixed rate. It said it is releasing 90 different designs, with the total number of NFTs going for sale in this early-access phase being “tens of thousands”, but that users will not need a crypto wallet to buy them.
Reddit’s CryptoSnoos NFTs are digital, limited-edition collectibles featuring the alien mascot, Snoo. Independent artists and Reddit creators design digital collectibles, and users can purchase them using fiat currencies.
Similar to how NFT owners can showcase their digital collectibles on Twitter, Reddit users can use their NFTs as profile
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