Secondary market sales of Polygon Avatars on Reddit are surging today as NFT prices rise

There is a significant force for NFT adoption on Reddit. An executive revealed last week that users created over 3 million Polygon wallets for them—with nearly three million of the NFT avatars in circulation. Now sales are surging as collectors see Reddit NFTs as a major trading opportunity. The Reddit NFT collectible avatars based on Polygon (MATIC) have reached 2,813,700 holders, according to Dune Analytics. Only 2 months ago, the NFT collection had 13,000 users. The sales volume of the collectible avatars has exploded by 642% since October 1, from $875,000 to $6,520,000 today. So, how cute Polygon Avatars on Reddit are winning the hearts of millions in the web3 community?

Polygon avatars on Reddit have been rapidly expanding. Whether you are a supporter of the technology or not, by now, almost everyone stumbles onto NFTs on a daily basis, especially when we scroll through our social networks. Reddit has now become the latest social network to integrate NFTs support into its platform in the form of "blockchain-backed collectible avatars."

During the first week of July, Reddit revealed the company had plans to release blockchain-backed avatars that leverage the proof-of-stake (PoS) blockchain Polygon (MATIC). At the time, Reddit said that Polygon was chosen for its "low-cost transactions and sustainability commitments." On October 18, 2022, Reddit's chief product officer Pali Bhat explained, while speaking on a Techcrunch Disrupt panel, that three million Vault blockchain wallets crafted by Reddit were created to date.

4,708 Reddit NFT avatar sales occurred across secondary markets during the last day, and today, there are 2,831,931 total collectible avatar holders as of 5 p.m. (ET) on October 24, 2022. On August 19, 2022, there were 32,730 total collectible avatar holders and since then, ownership has increased by 8,552%. By September 2022, the rate of ownership grew exponentially and there's currently 2,919,501 Reddit collectible avatars available.

In July 2022, Reddit launched a new NFT-based avatar marketplace that allows you to purchase blockchain-based profile pictures for a fixed rate. The company said that you need not have a crypto wallet to buy them, so your credit or debit card should be enough, and you can use Reddit's own wallet product to store them.

The company noted that if you purchase one of its limited-edition Reddit NFTs, you will have licensing rights to use it on and off avatars on Reddit. These rights aren't as extensive as owning an NFT from Yuga Labs' Bored Ape Yacht Club collection, which allows you to make merchandise or TV Shows based on the bored ape you own. What's more, you can mix and match your avatar's look with merch available in the avatar builder, and the avatar will have a "glow-like effect" next to your comments in communities.

To conclude, Web3 and NFTs can reshape our symbiosis between the physical and the digital realms to optimize our polluting consumption economy while improving end users' ownership over their digital assets. We should strive for conscious consumerism and endow impactful digital and NFT initiatives.