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.

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:

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. 🧠
— Farokh | OpenSea Intern 👨🏻‍💼 (@farokh) October 24, 2022

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

Author Bio

TD Marquis

A veteran journalist and editor with more than a decade's worth of experience, TD helped a small community newspaper in Vermont win a New England Newspaper Association Right to Know Award in 2014. TD helped compile five years' worth of invoices to uncover a long-established practice of small-town government officials paying themselves six figures to do small jobs around town. TD discovered NFTs with Top Shot in 2021 and his first NFTs on ETH were saving two Mooncats. He is now the proud owner of Rowhome #61 and 1,300 other NFTs of questionable value. He also sent 4 ETH to a fake Mekaverse site and wants Lucky Trader readers to avoid the same fate.

Disclaimer: The author or members of the Lucky Trader staff may own NFTs discussed in this post. Furthermore, the information contained on this website or the Lucky Trader mobile application is not intended as, and shall not be understood or construed as financial advice. AI may have assisted in the creation of this content.