Market Cap of Reddit NFTs on Polygon Grows 92% to $94M in 3 Weeks

In a significant development for the Reddit community, Reddit-based non-fungible tokens (NFTs) on the Polygon blockchain have surged 92% over the past three weeks.

According to data from Dune Analytics, a reputable data aggregator platform, the Reddit NFTs have hit significant milestones over the past few days.

Data suggests that the collection recently reached $40,554,135 in cumulative sales. The firm’s dashboard also revealed that the volume of Collectible Avatars surpassed 20.3 million, as updated within the last 24 hours. 

Similarly, the holders of these NFTs are now 16,396,254. In addition, the market capitalization of the Collectible Avatars stands at $94,227,819. This figure represent a notable increase from market cap The Crypto Basic captured just three weeks ago.

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Notably, on July 27, The Crypto Basic reported that the Reddit Collectible Avatars had a market cap of about $49 million. The market cap has grown by 92.05% since then. Similarly, the number of holders has also increased by over two million. 

Furthermore, the data analytics platform captured more interesting insights about the Reddit NFTs. The Gen 4 collection features a total primary sales volume of $856,190 with 12,854 holders. Additionally, it has seen over 200 sales in the last 24 hours. These sales are valued at over $6,290.

Polygon Founder Reacts

The intriguing numbers have garnered the attention of Sandeep Nailwal, the Polygon blockchain founder. Nailwal recently took to X to spotlight the growing ecosystem. He noted that the growth may be slow, but there is noticeable progress.

Nailwal remarked: 

“Polygon ecosystem’s mainstream products are silently reaching ‘magic inflection points of growth, be it Reddit Avatars, DraftKings NFTs, or Nike dotSWOOSH. Many others lined up too. Soon AAA gaming too. Slowly but surely fam!”

One more alpha!@0xPolygon ecosystem’s mainstream products are silently reaching “magic inflection points” of growth, be it @Reddit Avatars, @DraftKings NFTs or Nike @dotSWOOSH. Many others lined up too. Soon AAA gaming too.

Slowly but surely fam! https://t.co/lz5Y0LO3cQ

— Sandeep Nailwal | sandeep. polygon 💜 (@sandeepnailwal) August 13, 2023

Notably, AAA gaming refers to high-budget, high-profile games. The Polygon founder implied the ecosystem is on the verge of major growth, including developing and releasing AAA gaming titles.