Reddit makes PFP-NFTS cool again, the trading volume on the marketplace is increasing
Reddit makes PFP-NFTS cool again, the trading volume on the marketplace is increasing
- reddit does not use the term NFT to sell its collector's items
- The cumulative sales volume of the collectible avatars amounts to $ 6 million
The social platform Reddit has tacitly introduced new functions and took millions of new users in Web3 - 2.8 million to be precise, according to data from polygon and dune analytics.
and all thanks to digital collector's pieces or profile pictures (PFPS).
The excitement around the NFT Avatars and the growing marketplace of Reddit has attracted the attention of non-native web3 users in recent days.
The numbers speak for themselves.
Almost 3 million new wallets have been opened since the Redditfloor marketplace started and dropped its own avatars in July. Users have shaped more than 86,000 NFTs.
On Sunday, the daily volume rose from less than $ 1 million to $ 2 million in less than 24 hours. At the time of publication, the 24-hour turnover volume was around $ 2.6 million.
reddit NFTS together have a market capitalization of $ 122 million, according to to the marketplace.
For comparison: Openea, the largest secondary NFT marketplace, has 2.3 million users. Magic Eden, the leading Solana marketplace, has 1.2 million and Looksrare has around 107,000 users. according to to dappradar-data.
The collectibles are shaped on the polygon-proof-of-stake blockchain, which is compatible with Ethereum's virtual machine. Your success has led to an enormous increase in the NFT volume on OpenSea on polygon in the past few days.
The research manager of Proof Collective, known as Punk9059, found that Reddit-Avatare recorded as much trading volume on October 24th-around 1,900 ether (Eth)-such as the entire ETH-NFT volume on the marketplaces Blur, Looksrare, X2Y2, Larvalabs and Sudoswap.
yesterday reddit-avatars have as much volume (~ 1900 ETH) as the entire ETH-NFT volume on Blur, Looksrare, X2Y2, Larvalabs and Sudoswap. pic.twitter.com/c2rbpizuqu
- nftstatistics.eth (@punk9059) 25. October 2022
This amount of ETH is comparable to $ 1,901 ETH ($ 2.5 million) sales of Azuki NFTS that represent gilded skateboards on the same weekend.
redditfloor is different
A few things differentiate from others, such as its native integration. The Reddit marketplace enables users to create wallets and to shape and adapt NFTs directly in the app.
In particular, crypto jargon is hardly mentioned on the website, not even the term. Instead, Reddit sold NFTs as digital collectibles or collector avatars. You can display users as a profile pictures if users create content on the popular social media platform.
In addition, "coins" token and "safe" refer to Wallets. Users can pay for NFTs with credit or debit cards and save their assets in Reddits Vault Brief bag. The ordering process is simple and "looks like you would buy a video game avatar". on the Twitter-User threadoor.eth.
This probably has probably not attracted crypto-native users who do not know that they are using blockchain technology or that may have been deterred in the past by complicated crypto language.
While most NFT collections usually have an upper limit of 10,000 units, Reddit offers around 40,000 NFTs in limited editions designed by Reddit artists.
While digital collectors are only one application for NFTs, redditors prove that PFP-NFTS are still relevant and popular.
Those who decide to use their avatars in their profile signal a certain status as the owner of collector-avatars.
The ability to mix and adapt properties and adapt avatars to rarity with a focus can stimulate people to keep several NFTs at the same time.
The highest paid amount for a Reddit-NFT is $ 14,817, while the cheapest NFT currently costs $ 29.
RedDITS's first excursion in NFTS in June 2021, with the publication of his first NFT collection, Cryptosnoo, on the basis of the logos of the platform, at the end Schnüchtler . This latest Initiative uses its existing basis of 52 million daily active users and seems to be addressed by a mainstream audience.
The co -founder of Reddit, Alexis Ohanian, is a loud supporter of blockchain and crypto and recently started procuring funds for his risk capital company Seven Seven Six. Its new funds with the name Kryptos plans to invest $ 177.6 million in web3 startups and cryptocurrency in the early phase.
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The contribution Reddit Makes PFP NFTS Cool Again, Marketplace Trading Volume Surges is not a financial advice.
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