Reddit NFT: Could the Social Media Platform Be the Next Big Thing in Cryptocurrency?

Image from Decrypt

Why do you love reading? Well if you asked me that question a few years ago, I wouldn’t say that I love reading, I only do it because it’s good for me. I believe that the act of reading itself requires patience and focus, which are more important skills to have these days.

Nevertheless, as time goes on and I genuinely come to like reading, I find it fascinating how much each piece of writing teaches me about the world and the people who live in it — many of whom have overcome hardships totally different from mine. My love for reading made me discover my passion for writing too. I was able to establish the platform for that reason as well. If this is not the first time you have read my blog, you’d know by now that reading and writing are not the only things I love doing. I am also into crypto, NFT, and blockchain technology in general.

Now, for someone who spends a lot of time reading on the internet like me, there’s a huge possibility that you have seen or heard of Reddit. In the simplest way possible, it is a massive collection of forums where people can share news and content or comment on other people’s posts.

When Reddit revealed in July that they were introducing an NFT-based marketplace where users could pay a fee to purchase blockchain-based profile images, I couldn’t help but tweet about how excited I was. I’m interested to see what will happen with how Reddit’s involvement in NFTs will affect the landscape of digital currencies.

Reddit NFT Sales Surge as Collectors See Major Trading Opportunity

The role of Reddit in NFT adoption became even more significant when the trade volume of Reddit nonfungible token (NFT) avatars surpassed $1.5 million in the previous 24 hours, according to Polygon and Dune Analytics statistics. The rise accounts for more than one-third of the collection’s $4.1 million total trading volume since its inception. At the same time, 3,780 digital collectibles reached a new all-time high in the daily sales volume of Reddit NFTs.

In addition, Over 2.9 million collectible avatars have been created since their July launch. In line with this, there are currently 2.8 million wallets holding Reddit NFTs.

Bottom Line

The NFT market is certainly evolving quickly. New NFT initiatives were launched every day as I was writing this. And Reddit is one of the few NFT trends that have remained stable over the past year in terms of growth, interest, and applications, all of which have been rising steadily.

After these new accomplishments, I’m more than excited to see all of the future successes that Reddit nonfungible token (NFT) avatars will achieve.

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Writer | Cultural Activist | Violinist

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