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- The global crypto exchange, Coinbase shared that the success of Reddit highlights the potential for its NFTs.
- Amid crypto downton, the NFTs of Reddit are performing quite well.
The NFT collection of Reddit has recently noted millions of dollars spents. As the NFTs linked to the “luxurious” properties, more Reddit NFTs have recorded new heights.
In this week, three Reddit’s tokenized avatar collections came into the top-10 projects on the OpenSea, an online non-fungible token (NFT) marketplace. That somewhere reflects the success of the Polygon-based NFT initiative.
Coinbase Note on Reddit NFTs
The platform has gathered around $2.5 Million in daily trade volume and moved 3 Million people to sign up for NFT wallets on the social media platform, as stated by Coinbase (COIN) in a report Wednesday.
According to the following report, “Facebook, Instagram and Twitter all have NFT integrations, but those initiatives focus on ‘showing off’ NFTs purchased from marketplaces and adding your favorite as a profile picture,” although Reddit’s NFT marketplace builds it as a direct participant.
The note further added that the strategy followed by Reddit focuses more on its community as it provides extra features to NFT owners and also supports the creators. Coinbase stated that the role of the Polygon blockchain is further key, as the layer 2 blockchain is compatible with Ethereum that allows users to transact more quickly and at lower network fees.
Still, as the volume of NFT sales plummeted this year, falling 97% from the January peak, the success of Reddit somewhere indicates the potential for these tokens, as mentioned in the note. The firm is likely to take advantage during the current market downtown, and has already started teasing its Halloween avatar collection.
Reddit’s Collectible Avatars
Reddit announced the launch of a new project: Collectible Avatars, on July 7, 2022. While all these limited-edition PFPs, created by independent artists in partnership with the firm, would confer unique platform benefits to their owners. It is Backed by the Polygon blockchain and available for purchase at a fixed price in fiat currency. It must be noted that it was Reddit’s first large-scale foray into the NFT space.
Additionally Reddit Founder, Alexis Ohanian, essentially advised people to stay away from the toxic section of the website at a point. As in What was the company doing diving head first into a technological trend whose reputation was battered even outside the walls of its own platform?
Exactly after three months when the company launched its NFT project, four separate Reddit Collectible Avatar collections hold spots on OpenSea’s Top-10 list for 24-hour trading volume, with one collection knocking CryptoPunks out of the number one spot.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
