The trade volume of Reddit non-fungible token (NFT) avatars has surpassed $1.5 million in the last 24 hours, according to statistics from Polygon and Dune Analytics, Cointelegraph noted.
According to Cointelegraph, the rise accounts for more than one-third of the collection’s $4.1 million in total trading volume since its inception. 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, Cointelegraph noted.
More than 2.9 million collector avatars have been produced since their inception 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 almost 200,000 NFTs in late August.
The project was first envisioned by Reddit as a way to enable artists to produce NFT artwork and earn money from their collections 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.
(With insights from Cointelegraph)