Is the Reddit NFT hype diminishing?
In Brief
Recently, Reddit's NFTs have surged in popularity, largely owing to the platform's effective strategy within the Web3 space.
On October 24, sales within just a 24-hour period hit an incredible peak of $2.5 million.
Even though the total sales for collectible avatars have now exceeded $10 million, there's been a noticeable decline in the daily sales volume.
Reddit's NFTs have certainly drawn considerable attention, with the community marking a collective sales figure of over $10 million, though the daily figures continue to drop.
When Reddit first launched its NFT marketplace back in July, the response was lukewarm, and the initial collection didn’t gain much traction. However, in recent weeks, the platform's most dedicated users have begun to receive free collectible avatars. Coupled with Halloween-themed offerings and the simplicity of purchasing these collectibles using credit cards, interest in Reddit's NFTs has notably increased. Rebranding them as 'collectible avatars' rather than strictly NFTs has played a significant role in attracting a broader audience. This past Monday, sales for the Polygon-based NFTs reached $2.5 million. According to Dune Analytics, this momentum has been fluctuating each day. For instance, on October 30, sales amounted to $388,540. Remarkably, over just one week, the daily sales fell by 85%.
Reddit has successfully sold 86,000 NFTs, each priced between $10 and $100. Currently, the volume of NFTs available is diminishing. the sales volume has kept dropping One influential collector in the NFT space, Franklinisbored, shared his thoughts on Reddit’s NFT landscape: “Whales are gravitating toward Reddit [NFTs] because of how smoothly they've attracted a whole new wave of NFT enthusiasts. It’s a testament to their strategy and execution.”
Data from two weeks prior indicates that there are now over has almost reached 3 million.
people holding NFT wallets on Reddit, a figure that surpasses 2.3 million users from OpenSea, the largest NFT marketplace. On average, the platform is showcasing commented Keep updated with cryptocurrency distribution in our
Reddit rewards its most dedicated users by airdropping free Collectible Avatar NFTs. 2.5 million users Reddit users have established 2.5 million NFT wallets, overtaking OpenSea in this aspect. 52 million daily active users .
Reddit is all set to unveil its NFT avatar collectibles. Airdrops Calendar .
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