Reddit NFT gets a spike in trading volumes with the increase in wallet holders
As the digital wallet holders increase, the demand for this specific NFT increases to a sky high presently
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The recent report published by Polygon and Dune Analytics states that in 24 hour, the trading volume of the Reddit NFTs has increased by $1.5 million. Since the asset was launched, this increase in the trading volume represents more than one-third of the total trading volume. The total trading volume of Reddit NFTs is close to $4.1 million. This news is also the increase in digital collectibles being a part of the Reddit NFTs. The total now stands at over 3,780 collectibles as part of the project.
These projects are minted by independent artists on the Polygon blockchain. All these NFT projects can be purchased through Vault, and the users can make their characters wear them on different social media platforms. These NFTs can also be sold at third-party platforms like OpenSea, with some even soaring at around $2000. The highest bid was nearly $24,149 for one Reddit NFT.
The only problem with Reddit NFTs achieving dominance is the need for projects to be minted daily. Only a few thousand projects are being printed daily, compared to nearly two hundred thousand in late August. More than 2.9 million NFT characters have been minted under the Reddit NFTs projects. Also, the number of wallet holders is soaring to 2.8 million, which is quite high.
Reddit is getting closer to its initial goal of launching these NFTs. They made this project part of empowering the artists who create digital collectibles. Data shows that more than $60,000 have been earned by artists until this day from secondary sales. Reddit NFTs are gaining popularity because of their easy availability and being backed by a major platform, i.e., Reddit. So, the current path for Reddit NFTs seems clear and progressive. Although, the only problem that needs to be tackled simultaneously is the minting of NFTs to keep the trading volumes high.
The writer is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash
