Volume, and Crypto Twitter Excitement, up on Reddit NFTs

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.

Spooky Season from poieeeyeee, Spooky Season from Rojom, the Senses and Foustlings have seen more than 907 ETH in the last day. The floor prices on those collections range from 0.448 ETH to 1.85 ETH. 

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.

Some NFT influencers praised their roles as "exit liquidity" for Redditors.

Despite the large numbers and huge sales, only 3,649 of the 2.8 million Reddit wallets have ever transacted, according to Definitive.

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