Volume, and Crypto Twitter Excitement, up on Reddit NFTs
Four of the widely discussed Reddit NFT collections are among the top 10 in the OpenSea rankings in the past 24 hours, pushing volume on the Polygon network to its highest level since February.
The Polygon network, where the Reddit NFTs are traded, saw a 400 percent increase in volume from Sunday to Monday, as more than $1.9 million was traded today.
Reddit has been distributing NFTs to its users and selling NFTs like CryptoSnoos since June of 2021. Two months ago, randomized NFTs were distributed to 28,036 Reddit users. Recently, Reddit allowed users with karma scores above a certain threshold to claim a free Reddit NFT.
Users can check their accounts to see if they've earned a free NFT, by logging in and looking for a banner that tells users "You've earned a collectible avatar" and "Claim Yours Now."
The increase in trading and the onboarding of 2.8 million new wallets for Reddit users had Crypto Twitter positively giddy Monday.
It only takes a single catalyst to start the next bull run… Could it be Reddit NFTs 🤔— seedphrase (@seedphrase) October 24, 2022
Some NFT influencers praised their roles as "exit liquidity" for Redditors.
Reddit sold NFTs to Redditors as "digital collectibles", here's how we bring the bull back:— Farokh | OpenSea Intern 👨🏻💼 (@farokh) October 24, 2022
1. We become exit liquidity for Redditors
2. They make bank
3. They become NFT maxis
4. We onboard the rest of the internet
5. Our bags pump
Short term loss for long time gain. 🧠
Despite the large numbers and huge sales, only 3,649 of the 2.8 million Reddit wallets have ever transacted, according to Definitive.