Reddit non-fungible token (NFT) avatar trade volumes hit an all-time high on Oct. 25, with profits exceeding US$2.5 million in the past 24 several hours, according to info from Dune Analytics.
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- General profits for Reddit avatars stand at US$6.1 million, with sales in the previous 24 hours accounting for about 40%. The complete assortment is marketed out.
- Reddit NFTs also hit an all-time high in complete income, with about 5,300 avatars traded in the past 24 several hours.
- Reddit Main Product Officer Pali Bhat claimed during a TechCrunch Disrupt panel that around three million Redditors made wallets working with Reddit’s Vault Blockchain, 2.5 million of which were produced to purchase NFT avatars.
- In comparison, the world’s biggest NFT investing system, OpenSea, only has around 2.3 million active NFT wallets, according to Dune.
- Avatars are designed by 30 impartial artists and price tag US$9.99-99.99. Once a consumer buys an avatar, it is minted as an NFT on the Polygon blockchain.
- Reddit introduced its NFT market in July, making it possible for people to invest in “Blockchain-backed Collectible Avatars,” that can be utilised as profile shots on the system
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