Why Reddit Avatar NFTs Have Taken the Crypto Market by Storm

2022-10-26 23:45

The Reddit Avatar NFTs, to everyone’s amazement, have more wallets than OpenSea. How did they manage to take the market by storm?

Reddit is a well-known social networking platform with over 52 million Daily Active Users (DAU). It has features to categorize topics as subreddits, and users can show their opinions on other users’ posts by upvoting or downvoting them.

Reddit has onboarded over three million users to non-fungible tokens (NFTs). The number of wallets on the Reddit marketplace has overtaken the likes of OpenSea. The Reddit NFT marketplace works on the Polygon network.

The Reddit Avatar NFTs have taken the market by storm

As of writing, two collections from Reddit have placed themselves in OpenSea’s top 10 list. Spooky Season by poieeeyee has beaten the likes of CryptoPunks and the Ethereum Name Service collection based on volume. The volume of Spooky Season is almost twice the volume of CryptoPunks. The highest asking price of Spooky Season is 750 ETH which is equivalent to nearly $1 million for Midas Touch #83 

Whereas another collection from Reddit, The Senses, stands in 9th place with a volume of 146 ETH. The highest asking price is 150 ETH which is nearly equivalent to $223,054 for The Hands #1

Source: OpenSea Why such enormous demands for The Reddit Avatar NFTs?

The high demand for NFTs has been sending the price skyrocketing. Reddit onboarded non-Web3 users to NFTs by avoiding crypto jargon and using a not-so-complicated interface to onboard users.

The avatars could be bought only through fiat currencies. According to a Twitter user, “Non-Web3 users didn’t have to worry about purchasing ETH or MATIC on cryptocurrency exchanges.” This significantly helped Reddit onboard non-Web3 users to purchase its NFTs and eventually resulted in surging demand.

The mass adoption of NFTs

Considering the massive DAU of Reddit, the numbers are still low. The unique Reddit Avatar NFT holders are less than 0.1% of Reddit’s DAU. There is still plenty of room to grow. However, Reddit certainly took a successful first step into Web3 mass adoption and set a precedent for other Web2 companies.

Reddit partnered with Polygon because it offers low gas fees. For similar reasons, various other Web2 companies have partnered with Polygon. Starbucks, Adidas, Adobe, Meta, and The Walt Disney Company are some other notable Web2 companies that may onboard users to Web3 using Polygon and bring on mass adoption. 

Got something to say about Reddit Avatar NFTs or anything else? Write to us or join the discussion on our Telegram channel. You can also catch us on Tik Tok, Facebook, or Twitter.


For BeInCrypto’s latest Bitcoin (BTC) analysis, click here

The post Why Reddit Avatar NFTs Have Taken the Crypto Market by Storm appeared first on BeInCrypto.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Market.space (MASP) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Доступно / Всего 0 MASP

market storm avatar reddit nfts taken crypto

Источник: beincrypto.com

market storm → Результатов: 126


Фото:

Can Gaming Tokens Like MetaCryp and Gala Achieve Market Success Like Solana?

Different things go into building a crypto project, whether the competitive storm of the market stands the test of time. The GameFi (gaming + decentralized finance) aspect of the crypto market has been gaining more attention recently, prompting crypto enthusiasts to ponder the success probability of some promising projects in the niche. While events of […]

2022-8-27 22:54


Фото:

Blockchain Gaming Stands Firm As Crypto Market Staggers

Investments in blockchain initiatives have been patchy, but GameFi is one industry that is sustaining development despite the market’s decline. The blockchain gaming industry has quietly weathered the storm better than other market segments, despite the fact that the majority of investors are focused on the most recent scandals involving centralized finance (CeFi) and decentralized […]

2022-7-13 05:00


What Exactly Can You Do With NFTs? How To Buy, Where to Store, and Common Uses

NFTs have taken the internet by storm over the last 18 months. From something completely unheard of to a market that’s worth over $40 billion, NFTs have had an incredible year. But what exactly are NFTs, and more importantly, what’s the point of them? While some people think that NFTs don’t have any real purpose, many industries are incorporating them in innovative ways.

2022-2-8 21:09


Kishimoto Inu is Set to Revolutionize Non-fungible Tokens with its 3D NFT Marketplace

Kishimoto Inu is in the early stages of releasing the world’s first 3D NFT marketplace, taking NFT space to the next level. Non-fungible tokens took the world by storm in 2021 as the previously maligned sector of the cryptocurrency market caught the attention of mainstream news outlets, celebrities and globally recognized brands who sought to get in early on this multi-billion dollar trend.

2022-1-16 13:29


CES 2022 Metaverse Product Highlight: HaritoraX VR Leg and Waist Tracking

As one of the most influential tech events in the world, the Consumer Electronics Show held in Las Vegas this week has seen its fair share of unique products and gadgets introduced to the market. As the Metaverse hype is taking the world by storm, one fantastic product introduced at this year’s Las Vegas CES […] The post CES 2022 Metaverse Product Highlight: HaritoraX VR Leg and Waist Tracking appeared first on NullTX.

2022-1-9 02:07


Фото:

Gala coin maintains bullish trend as most cryptocurrencies nosedived after new COVID-19 variant: here is where to buy it

The Gala coin is one of the few coins that have weathered the current storm within the crypto market. Gala coin has moved up by double-digits as the majority of the cryptocurrencies including Bitcoin (BTC) and Ethereum (ETH) nosedived towards of last week after the recent COVID-19 variant discovery on black Friday.

2021-11-29 12:38


ABEYCHAIN Receives Blockchain Of the Year Solution Award, Why It Is One Of The Strongest Players In The Emerging Industry

Launched in Q1, 2021, ABEY and its ecosystem took the market by storm by becoming one of the fastest-growing projects in the crypto and blockchain space. The project’s progress was acknowledged at the AIBC Europe 2021 in Malta, an event that gathers thousands of investors and innovators from different sectors.

2021-11-18 19:20


Pierre Gasly Partners with Fantom to Become the First Formula 1™ Driver to Offer One of a Kind NFTs for Fans

Blockchain technology is coming to Formula 1™ as Pierre Gasly partners with Fantom to bring NFTs to the world’s fastest sport Non Fungible Tokens (NFT) have taken the world by storm in 2021. The previously maligned sector of the cryptocurrency market which was known for clogging the Ethereum network with CryptoKitty’s has emerged as the fastest-growing subset of the crypto market with billions of dollars in transactions happening monthly.

2021-10-19 19:47


Фото:

Bitcoin S2F Model Predicts $100K Price, But Time Model Points To $30K – Analysts Bet On Most Likely Prospect

Discussions on the closing price of Bitcoin have surfaced since the beginning of the 4th quarter. Many market observers, investors, and traders have a thing or two to say about where prices are headed, especially as the market is constantly struggling to beat the fundamental bearish storm that has plagued it since May. The S2F […]

2021-9-29 00:18


Smart Contracts Running on Bitcoin? Internet Computer Founder Explains How It’s Possible

Upon its launch, Internet Computer took the crypto market by storm. It’s an ambitious project, supported by some major names in the industry. Designed and created by the DFINITY Foundation, it aims to give more power to the people over the Internet, and it could potentially take it into a new stage powered by its platform.

2021-9-20 12:00


дальше еще 77 новостей →

Партнеры Currencies.ru

Реклама на Currencies.ru

Самое свежее на Currencies.ru