Reddit NFT trading volume reaches record high as 3 million wallet users are reached, more than Opensea wallets. A huge step to adoption is made.

Coincidentally, nonfungible token production has been steadily declining in the meantime.

The trading volume of Reddit nonfungible token (NFT) avatars has surpassed $1.5 million in the previous 24 hours, according to data from Polygon and Dune Analytics. The increase accounts for more than one-third of the collection’s $4.1 million in total trading volume since its launch. At the same time, 3,780 digital collectibles reached a new all-time high in the daily sales volume of Reddit NFTs.

Independent artists design Reddit avatars, which are then minted as NFTs on the Polygon blockchain. Such collectibles are available for purchase on Vault, Reddit’s cryptocurrency wallet. When users post content on the well-known social media platform, they can then put them on and display them as profile pictures.

The NFTs can be bought and sold on secondary markets like OpenSea after being purchased. Some collections receive few to no bids, while others have floor prices over $2,000 instead. Reddit NFT currents can be purchased for as much as $24,149 (18 ether) at the moment.

More than 2.9 million collectible avatars have been produced since their launch in July. Accordingly, there are currently 2.8 million wallets holding Reddit NFTs in total. However, the supply of the collection has not increased proportionally, with only a few thousand NFTs being produced daily as opposed to the record daily rate of about 200,000 NFTs in late August.

The project was initially envisioned by Reddit as a way to enable artists to produce NFT artwork and earn money from their collectibles on NFT marketplaces. According to data so far, royalties from the secondary market sales of the NFTs have brought in more than $60,000 for the artists.