It only takes a single catalyst to start the next bull run. Could it be Reddit NFTs?
Reddit´s digital collectibles are a massive hit with 3 million NFT wallets created on the Reddit Vault. The popular NFTs are minted on Polygon and already have a market cap of $100 million. Is this the beginning of an NFT Bull Market comeback? Let´s uncover the story behind the data.
Why are Polygon Reddit wallets exploding?
Reddit launched its NFT marketplace in July along with its own collection of 40,000 Reddit NFTs. Some attribute the successful move to a seamless process tailored for noobs who aren’t crypto savvy by intentionally discarding “crypto words” in the announcements that were made.
The bullish trend is spreading like wildfire, also on Twitter where the topic is trending right now.
The top avatars are selling at a whopping 6.9 ETH with a 24hour volume of $235k.
The NFTs are used as avatars and the amount of Polygon Reddit wallets has already overpassed that of OpenSea, gaining significant value.
The Senses x Reddit collection and the Foustlings x Reddit collection are the most successful ones. For example, in the last 30 days, The Senses x Reddit collection hit a trading volume of 387, marking a surge of 516% while the Foustlings x Reddit collection had a trading volume of 369 ETH, an impressive increase of 524%.
An important highlight is that those who purchase the NFTs get licensing rights, enabling Redditors the opportunity to use these NFT Avatars in and outside the platform which can unlock further utility. For example, you can modify their look with various merchandise from the avatar builder.
How is Polygon leading the way to mainstream adoption?
The NFT industry is growing at an unprecedented rate despite the bear market turmoil. Polygon is one of the leading protocols at the forefront of this growth heading toward mainstream adoption through important partnerships with huge brands apart from Reddit such as Meta, Twitter, Wyre, Starbucks, Mercedes and many more. In the case of Reddit there is a very bullish case to be made with over 52 million daily active platform users getting exposure to Web3.
Looking at DappRadar data, we can see that Polygon had a total amount of 147.370 Unique Active Wallets interacting with its smart contracts, last September. This represents a 6,28 % increase compared to the same period last year.
Moreover, MATIC, Polygon´s native token has increased 6,76% during the last 30 days and the Top 3 NFT Collections on Polygon all show positive indicators in the past 24 hours.
What are the different types of Reddit NFTs?
The different types of Reddit NFTs include those made by independent creators, the latest free NFTs and CryptoSnoos.
NFTs by independent creators
You can purchase them with a crypto wallet or simply use your debit or credit card. When you navigate to the r/CollectibleAvatars subreddit, you can also search for your favorite artists for inspiration.
These are NFTs that will be airdropped to top contributing Redditors or those high up in the platform´s karma hierarchy system. Top members can select from 4 different styles of collectible avatars:
Current floor price : 0.02 ETH
Current floor price : 0.022 ETH
Current floor price : 0.025 ETH
Current floor price : 0.022 ETH
Snoo is Reddit´s alien mascot. They can be either Legendary, Epic or Rare with the Legendary kind being the most scarce and thus valuable. You can use them as your avatar on Reddit and you can purchase them on OpenSea by connecting your Reddit account to the OpenSea page.
How to purchase a Reddit NFT avatar?
The team behind Reddit understood that to onboard millions of users, you must simplify things and that includes dropping the crypto jargon and using words everyone understands. The process is smooth and fast, targeting beginners.
In the case of NFTs by independent creators and CryptoSnoos, there is no need for a wallet just a bank card. You can also get them on OpenSea, as long as you have a Metamask wallet and make sure to connect your Reddit account to the CryptoSnoos OpenSea page
The assets are called Collectible Avatars and the process is so seamless that some users claim to not even realize NFTs are involved.
Reddit is also distributing airdrops to give away free Reddit NFT avatars to top Redditors.
When a member is set to receive one of these avatars, they’re shown a banner that will take them to the place where the Reddit NFT can be claimed. There are four separate styles of collectible avatars that members can select from when claiming their free Reddit NFT.
Once you buy an Avatar (i.e. mint), you can keep it in your Reddit account (and its respective Polygon address) or transfer it to a wallet of your choice for free!
How to use DappRadar to track Reddit´s collections?
Using DappRadar´s portfolio tracker, you can now navigate the new Web3 Social Media, keep an overview of what tokens and NFTs you have in your wallet and a detailed valuation of your assets. Addittionally, you can track NFTs, giving you total control over your collections.
Gain powerful real-time actionable insights into your NFTs, such as:
- Previous floor price
- NFT sales
- Current floor price
- Change in price
- Amount spent
- Current holdings
- Profit & loss
Carry your Web3 journey with you
With the DappRadar mobile app, never miss out on Web3 again. See the performance of the most popular dapps, and keep an eye on the NFTs in your portfolio. Your account on DappRadar syncs with our mobile app, giving you soon the option to receive alerts live as they happen.
Traditional social media platforms have barely just started jumping on the innovation bandwagon but we already see enormous potential for mass onboarding.
Seeing this skyrocketing success, we know that It only takes a single catalyst to start the next bull run and we wonder, could it be Reddit NFTs?
We at DappRadar are excited to follow Reddit´s journey and will continue monitoring their journey as they delve deeper into Web3.