Reddit NFT Avatars Hit $100M Market Cap Despite Tanking Sales in the Sector

Key Takeaways:

  • Reddit NFT avatars soared in sales,
  • The collection succeeded despite the decline on the NFT market.
  • While the interest in NFTs is not over, the market is down over 98% year-to-date.
Reddit NFT Avatar

YEREVAN (CoinChapter.com ) – Reddit NFT avatars sales peaked beyond $6.5 million as of Oct 25 New York session, according to data from Polygon and Dune analytics. In detail, Reddit avatars are created by independent artists and are minted on the Polygon blockchain.

Reddit NFT Avatars Boom Amid The Dwindling Market

Additionally, as of Oct 25, the trading volume for the Collectible Avatars is up 799%, as the project saw widespread adoption. Potential purchasers can find the NFTs on Vault, Reddit’s crypto wallet. They can then wear and display the avatars as profile pictures after creating content on the popular social media platform.

As a result of the Reddit Avatar craze, users created over 3 million wallets and minted over 89,000 NFTs. Despite the fact that the number of users declined in the previous hours, the overall sales continued to flourish.

Reddit NFT Avatars Boom Amid The Dwindling Market
Reddit NTFs: Number of users vs. the sales volume.
Reddit NTFs: Number of users vs. the sales volume. Source: Dune.com

Notably, Reddit NFTs’ success came on the back of tanking sales in the sector.

NFT Sales Plunged 97%

According to a Bloomberg report in late September, NFT sales have gone from $17 billion in January to merely $466 million in September. The demise of the NFT mania came with the over $2 trillion wipeout that took over the crypto market since it peaked in November 2022.

Additionally, according to Dune, NFT Marketplaces LooksRare and OpenSea were the leading platforms in dollar sales before the ubiquitous decline.

NFT Sales Plunged 97%

Despite the decline, it is early to call the time of death on NFTs. As CoinChapter reported in September, tech giant Apple went ‘super greedy’ on the NFT sector, boosting sales.

The IT giant’s decision to charge a 30% commission on nonfungible tokens (NFT) sold through apps on its marketplace. This has angered NFT developers and others, given Apple is treating NFT transactions in the same way as standard in-app purchases.

Also read: US Banks Liquidity Squeeze Threatens To Send The Crypto Market Below $900B.

It is not likely that Reddit NFT avatars alone could revive the dwindling non-fungible token market. However, they could still prove valuable to their holders, as the number of NFT traders hasn’t changed dramatically amid the trading volume collapse, according to last month’s statistics.

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Reddit NFT avatar, Reddit NFT Avatars Hit $100M Market Cap Despite Tanking Sales in the Sector

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