Reddit Avatar NFT‘s launch on the Polygon network, and the record sales that followed, answered the question of whether NFTs are dead. Additionally, it has proven the importance of networks in the crypto world. In fact, Reddit NFTs recently crossed a very significant market cap threshold, which also affected Polygon NFT sales.
Reddit NFT Sales Pass $50M
According to Dune Analytics, Reddit NFTs have a market cap of over $50 million. As seen in the data NFT There is an increase in the number of owners. This means that the number of owners is 7.1 million on average. The total transaction volume was recorded as 13.3 million dollars after the launch.
Although a short time passed, the fact that the market value exceeded 50 million dollars was an important detail that did not go unnoticed. polygon A few key metrics on its network were also affected by the enthusiastic response of the Reddit community to NFT’s debut.
Sales on the Polygon Network
Some notable moves have been recorded on the NFT front on the Polygon blockchain. Given the volume it has experienced since its release, the popularity of Reddit NFTs contributes significantly to these positive fluctuations.
There have been volume gains, as evidenced by the total NFT trading volume in USD on Santiment. Volume, which was approximately $348,000 at press time, was approximately $1.7 million on March 7.
Reddit NFTs and Polygon’s volume metric show promise, but so far they haven’t had any effect on MATIC. As a matter of fact, the trend line has been declining since February 18. According to the price range calculator, it has lost about 26% of its value since the start of its decline.
You can follow the current price action here.