Reddit NFTs Surge In Value As Collectibles Were Purchased By Over 2.8 Million Wallets

Trading volume of Reddit’s NFT collectibles are surging as the company reveals over 3 million wallets were created to purchase more than 2.9 million digital avatars. The collectibles with a total valuation of $100 million, has grossed over $6 million in market sales to date.

Reddit NFTs Surge In Value As Collectibles Were Purchased By Over 2.8 Million Wallets

Social networking platform Reddit got on the NFT bandwagon in July after releasing PFP (Profile Picture) non-fungible tokens based on company mascot, Snoo. Reddit collaborated with 30 digital artists to release the 40,000 NFT avatar collection. The company partnered with Ethereum-compatible Layer-2 network, Polygon, to mint the NFTs on its blockchain.

 

Users could purchase the NFTs from Reddit’s marketplace website or mobile app with Polygon-powered Reddit Vault Wallets. Last week, Chief Product Officer of the company, Pali Bhat, revealed that more than 3 million Vault wallets were created since the marketplace’s launch to mint and purchase over 2.8 million Snoo avatars. The collections range from premium NFTs purchased on the marketplace, to free ones that were airdropped to Reddit users as part of a launch rewards program.

 

Reddit’s most valuable Snoo avatars, which includes ‘The Senses’ by Rojom, ‘Foustlings’ by Tyler Foust and ‘Spooky Season’ by poieeeyeee, had fixed prices ranging from $9.99 to $99.9 apiece. The 86,000-piece collection was sold out, and now has a combined market value of over $100 million. The company also gave away free NFTs to its most devoted users across 100,000+ active community groups, or subreddits, on Reddit. Eligible members received Snoo NFTs from ‘Meme Team’, ‘The Singularity’, ‘Aww Friends’ and ‘Drip Squad’ collection.

 

Out of more than 2.9 million Reddit NFTs currently circulating the markets, 20,000 of them were sold on secondary marketplaces like OpenSea, generating over $6 million in revenue. The most expensive collectible went for $14,817, while the cheapest was sold for $29. Data also showed that 3.8% of the collectibles are owned by NFT whales, increasing demand for the digital artwork collection during a bear market.

 

The company with 50 million active users, generated $350 million in revenue last year. Revenue for this year is expected to be higher with the success of its NFT project, which also helped prop up the price of Polygon’s MATIC token that at the time of writing is trading at $0.94.

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