Reddit ‘Digital Collectibles’ Trading Volume Shoots Past All-Time High – Here’s What You Need to Know

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Ruholamin Haqshanas

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Ruholamin Haqshanas

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Ruholamin Haqshanas is a contributing crypto writer for CryptoNews. He is a crypto and finance journalist with over four years of experience. Ruholamin has been featured in several high-profile crypto...

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August 24, 2023 09:28 EDT

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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.

What Are Reddit’s CryptoSnoos NFTs?

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 pictures and enjoy its unique animations. The collection found massive momentum after Reddit’s chief product officer Pali Bhat revealed that three million Vault blockchain wallets had been created. 

Bhat revealed the news on October 18, 2022, while speaking on a Techcrunch Disrupt panel, adding that 2.5 million of those wallets were created to purchase NFT avatars that can be used as profile pics on the platform.

Meanwhile, Polygon’s native token MATIC has also benefitted from the recent surge in demand for Reddit NFT avatars. The coin is currently trading at $0.902061, up by 1.4% over the past day. In seven days, MATIC has climbed 6.3%, and during the last month, MATIC is up 19% against the U.S. dollar. However, the coin is still down by around 70% compared to its all-time high.