Friday, December 2, 2022
HomeUncategorizedReddit NFT Space Burgeons, With 3M Wallets, 86K Plus NFTs And Market...

Reddit NFT Space Burgeons, With 3M Wallets, 86K Plus NFTs And Market Cap of $100M

- Advertisement -
Follow-Us-On-Google-News

 

Data indicates the growth of the Reddit NFT scene, revealing 3 million total wallets and a market capitalization of $100M+.



Most of the crypto community thrives on Twitter, as most prominent personalities in the space choose the aves-themed social platform as an avenue through which they express themselves with the community. Notwithstanding, Reddit also has a massive crypto community that sometimes goes overlooked. Recent data suggests the massive nature of space.

Prominent NFT collector and investor Mando took to Twitter to disclose updated data on the state of the Reddit NFT space. Information from Mando’s disclosure reveals some magnificent metrics that have gone unnoticed.

According to Mando, there are over 86,000 NFTs on the Reddit NFT space, with wallet bandwidth exceeding the 3 million mark. Additionally, Mando revealed that about 40,000 NFTs were sold, with the rest being airdrops. Most of these have been minted on Polygon’s notable Ethereum scaling chain.

Furthermore, the top avatars from The Hands collection appear to be selling for 6.9 ETH, amounting to an approximate value of $9,181. In addition, the market cap value for the Reddit NFT space currently sits at $100M – an impressive value. 24-hour volume as of press time is currently $235K.

 

These metrics indicate the flourishing state of the Reddit NFT scene, which has not caught the attention of the majority as well as it should.

A proponent further claims that some collections from the space have an impressive unique holder ratio above 85%. “All this time, we looked the wrong way,” Farokh, an NFT enthusiast behind Rug Radio commented.

Speaking on the growing state of the Reddit NFT space, Web3 gamer and Loot Bolt co-founder Bryce Johnson recently highlighted the unique state of Reddit avatars.

“The Reddit avatars are an example of everything web3 has failed to realize. Communities that value web3 do exist outside of twitter,” Johnson remarked in a tweet. He further noted that purchases of Reddit avatars are not as speculative as what is witnessed on Crypto Twitter.

As reported by The Crypto Basic, Reddit filed An IPO With SEC to go public in DEC 2021. Reddit also enabled its major subreddits, like r/Cryptocurrency, to Convert “karma Points” Into ERC-20 tokens. Reddit first showed its intentions to bring NFTs on its platform on OCT 23, 2021.

- Advertisement -
Albert Brown
Albert Brownhttps://thecryptobasic.com/
Albert Brown is a cryptocurrency investor and journalist who has been in the nascent space since 2017. His love and passion for technological innovations made him delve deeper into the world of blockchain and cryptocurrencies. As a journalist, Brown has written on several crypto-related topics that have been referenced by popular industry players like Tyler Winklevoss, Binance CZ, etc.

Disclaimer: The content is for informational purposes only, may include the author's personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

- Advertisment -

Recent News & Articles

Subscribe To Our Newsletter

Get Updated with All The latest Crypto News, Articles, Reviews, Analysis and much more. Delivered Every Monday.