Reddit claimed the firm had planned to launch blockchain-backed avatars that make use of the proof-of-stake (PoS) blockchain Polygon within the first week of July (MATIC). Reddit stated that Polygon’s “low-cost transactions and sustainability pledges” were the reasons it was picked at the time. Reddit’s chief product officer Pali Bhat said during a Techcrunch Disrupt panel on October 18, 2022, that the company has produced three million Vault blockchain wallets to date.
Bhat added that 2.5 million were made in order to collect the most recent NFT avatars, which was information that was shared with the event’s guests. In accordance with data from the blockchain analytics portal Dune Analytics, Opensea’s Polygon daily sales volume has increased dramatically, and on Monday, secondary market sales of 20,375 units exceeded the $5 million threshold. Reddit NFT collector avatar sales totaled $1,951,860 just in the last 24 hours.
As of 5 p.m. (ET) on October 24, 2022, there are 2,831,931 total collectible avatar owners. In the previous day, 4,708 Reddit NFT avatar sales had been placed across secondary marketplaces. The overall number of owners of collectible avatars was 32,730 as of August 19, 2022, and ownership has grown by 8,552% since then.
There are presently 2,919,501 Reddit collectible avatars accessible as of September 2022 due to an exponential growth in ownership. Reddit whales hold 3.82% of the community’s collectible avatars, according to Dune Analytics statistics released by the @polygon analytics team. The new Reddit NFT avatar demand has been good for polygon’s native cryptocurrency, polygon (MATIC), which has had a 6.4% increase over the past day. In relation to the US dollar, MATIC has increased by 12.4% in the last week and by 15.4% over the past month. However, MATIC is down 45.4% against the dollar so far this year.