Reddit NFTs Challenge Bored Apes on OpenSea With Trade Surge
As of Tuesday, three Reddit collections ranked within the top 10 NFT projects on OpenSea, reaffirming the massive appeal of PFP collections.
Reddit users are pumping the platform’s Polygon-based NFT collections, with cumulative sales volumes of the avatar collectibles topping $6.5 million on Tuesday.
According to data from secondary non-fungible token (NFT) marketplace OpenSea, Reddit NFT collections edged out popular blue chip projects over the past several hours. Spooky Season, a series of collectible avatars created by Reddit user poieeeyee, currently has a trading volume of 538 ETH (approx. $760,000) – putting it just behind the reigning NFT collection Bored Ape Yacht Club at 642 ETH (approx. $906,000). According to OpenSea, the Spooky Season collection experienced a 121% increase over the past 24 hours.
Other Reddit projects, including The Senses x Reddit and Foustlings x Reddit avatar collections, also slid into top 10 slots as of Tuesday morning, joining the ranks of Ringers by Dmitri Cherniak and Chromie Squiggles.
According to data from blockchain data platform Dune analytics, Reddit NFTs have grossed over $6.5 million in total sales volume to date.
Reddit opened its NFT marketplace in July, releasing Polygon-based profile picture (PFP) avatars based on the social network’s logo, Snoo. Last week, the platform reported that users had opened 2.5 million wallets within the marketplace since its release.
User Umbra1661, who owns dozens of Reddit NFTs, told CoinDesk that the surging interest in Reddit NFTs can be attributed to the “huge power of Reddit” in engaging its community. “I do believe in the success of the project and see … possibility for growth due to the huge power of Reddit. But I just like the art as well!”
Notable Ape collector Franklinisbored said that seasoned collectors might be flocking to purchase Reddit NFTs due to their widespread appeal and accessibility. “I think whales are liking Reddit [NFTs] just because of how easy and successful they have brought in a massive group of newcomers to NFTs. So it's a show of support and confidence in their execution.”
User TheRedditAvatarWhale, who claims to have spent $50,000 on Reddit avatars, wrote in a Reddit post on Tuesday that the appeal of collecting Reddit NFTs is how they “simplify” the process of collecting NFTs for a more mainstream audience. “There is a steep learning curve to traditional NFTs that acts as a barrier to entry.” In addition, the user also touted their long-term utility and the reputation of Reddit as a trusted platform.
For some, the surge in Reddit NFTs has reaffirmed the long-held belief that PFPs are the ultimate NFT use case, even for the non-crypto native. For all the innovation the space has seen in the last two years, its original appeal – artwork as a form of digital identity – remains strong.
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