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.
Reddit NFTs: What you need to know 👇
– 3m wallets
– 86K+ NFTs
– 40K sold, rest airdrops
– Minted on @0xPolygon
– Top avatars selling for 6.9E
– Market cap $100m
– 24hr Volume $235k
Useful links 👇 pic.twitter.com/9t6xVuUeD4
— Mando (@greatmando_nft) October 23, 2022
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.
The @Reddit avatars are an example of everything web3 has failed to realize.
Communities that value web3 do exist outside of twitter.
They will find NFTs, but their purchasing won't be based on pure speculation like most of CT.
— Brycent 🚀 (@brycent_) October 24, 2022
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.