New non-fungible token (NFT) avatars from popular social media platform Reddit have exploded over the past month due to mass adoption on the website.
The Reddit NFT collectible avatars based on Polygon (MATIC) have reached 2,813,700 holders, according to Dune Analytics.
Only 2 months ago, the NFT collection had 13,000 users.
The sales volume of the collectible avatars has exploded by 642% since October 1, from $875,000 to $6,520,000 today.
Data from Dune shows that the number of collectible avatar holders has exploded in tandem with the sales volume.
Reddit users can claim the NFTs depending on their karma score, community engagement, and “other special ingredients,” according to the project’s community.
The subreddit dedicated to the Polygon NFT project says that collectible avatars are third-party crypto wallet compatible.
“Since your Collectible Avatar is on the blockchain, you own it. This means you can basically do what you want with it! We’re currently building transfer functionality into the Reddit apps and website and will be completing this work very soon!
In the meantime, if you’re using Android or iOS and would like to transfer your Collectible Avatars, you can import your Vault into a third-party crypto wallet using your recovery phrase. However, if you’re using the Reddit website, you’ll need to wait until your recovery phrase is accessible in the UI.”
Reddit collectible NFT avatars built on Polygon can be browsed on OpenSea here.
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Featured Image: Shutterstock/marymyyr
Source: https://dailyhodl.com/2022/10/25/reddit-nfts-on-polygon-matic-abruptly-soar-642-in-sales-volume-this-month-reaching-nearly-3000000-users/