Secondary Sales Volume of Reddit Avatar NFTs Exceeds $5 Million!

Reddit avatar NFTs have sparked a significant market movement in the NFT industry. The secondary market volume of sales exceeded $5 million on October 24th with more than 20,000 sales. Also, Reddit avatars are known as collectible NFT avatars, which were printed on Polygon. The demand for avatars has spurred more than three million Redditors to take advantage of Reddit's Vault Blockchain wallet.

In the first week of July, Reddit announced plans to launch Blockchain-powered avatars that leverage the company's proof-of-stake (PoS) Blockchain Polygon (MATIC). At the time, Reddit stated that Polygon was chosen for its low-cost operations and sustainability commitments. Also on October 18, 2022, Reddit's chief product officer Pali Bhat spoke at a Techcrunch Disrupt panel. Bhat revealed that 'to date, three million Vault Blockchain wallets have been created by Reddit'. Bhat told attendees at the event that more than 2.5 million wallets have been created by those looking to acquire the latest NFT avatars. According to statistics from blockchain analytics portal Dune Analytics, Opensea's Polygon daily sales volume is on the rise. Also, secondary market sales surpassed $20,375 million on Monday in 5 total sales. In the last 24 hours alone, Reddit NFT avatars recorded $1,951,860 in sales. There were 4,708 Reddit NFT avatar sales in the secondary markets during the last day. There are also a total of 2,831,931 collectible avatar owners as of 5:00 pm yesterday, October 24, 2022. On August 19, 2022, the total number of collectible avatar owners reached 32,730. The ownership rate has also increased by 8,552 percent since then. By September 2022, the ownership rate continued to grow exponentially. There are also currently 2,919,501 Reddit collectible avatars. Dune Analytics statistics published by the Polygon_analytics team reveal that 3.82 percent of Reddit collectible avatars are owned by whales. Polygon's native crypto asset is known as Polygon (MATIC). The MATIC cryptocurrency has experienced a 6.4 percent increase in the last 24 hours. This increase is believed to be the result of the recent Reddit NFT avatar demand. In seven days, MATIC has experienced a 12.4 percent increase. Also, since last month, MATIC has risen 15.4 percent against the US dollar. However, since the beginning of the year, MATIC has lost 45.4 percent against the dollar due to the crypto winter. Source: nfxhaber.com Follow Global Economic Developments on Social Media! Click here to follow Ieconomy official Facebook account! Click here to follow Ieconomy official Instagram account! Click here to follow Ieconomy official Twitter account!