In just three months, Reddit’s collectible Avatars blew up the NFT space having more users than OpenSean and other major platforms. Nearly three million Redditors have created Reddit Vaults, the company’s name for a blockchain wallet to buy Avatars, ranking them as one of the top trending NFT projects out there.
According to data presented by Crypto Presales, the cumulative sales of Reddit Avatars jumped by a mind-blowing 1,110% in a month and topped $9.65bn last week.
Nearly 600,000 Redditors Bought Avatars in the Last Month
In a time when NFT sales have fallen to the deepest point this year, with NFT buyers vanishing from the market, Reddit has become one of the biggest crypto-art marketplaces. The platform did so by avoiding the term NFT and drew millions of Redditors who had already bought their Avatars.
According to data from Dune analytics, a month after their launch, the total number of Reddit’s Avatar holders stood at 12,500. By the end of August, this figure jumped by a staggering 5,700% to 736,000 and continued rising. Statistics show the number of Avatar holders tripled in September and hit 2.3 million. Since then, another 600,000 Redditors bought Avatars, with the total number rising to 2.88 million.
In comparison, the world’s largest marketplace for NFTs and crypto collectibles, OpenSea, has 2.3 million registered users.
On October 30, the cumulative sales volume of Reddit Avatars topped $9.6 million, way up from $793,000 a month before, while the total number of sales climbed to over 31,600.
The Sixth Most Traded NFT Collection on OpenSea
The popularity of Reddit Avatars has quickly shot up, with some collections hitting OpenSea’s top 10 NFTs. With 1,059 ETH in a 7-day trading volume or 4,500% more than a week before, Spooky Season: poieeeyee x Reddit Collectible Avatars ranked as the sixth most traded collection in the NFT space, close behind Clone X, Otherdeed, and RTFKT x RIMOWA. CryptoPunks and Bored Ape Yacht Club top the list, with 3,627 ETH and 2,013 ETH in trading volume, respectively.
The floor price of the top trending Reddit Avatar collection stood at 0,15 ETH or around $240 on October 30, down from a peak of 27 ETH a week before. The Senses x Reddit Collectible Avatars hit a 7-day trading volume of 491 ETH and ranked thirteenth on OpenSea’s top NFTs list.