Reddit NFTs are exploding

Reddit’s non-fungible tokens took all the attention in the cryptocurrency markets this week after producing $2.5 million in daily trading volume and promoting 3 million individuals to subscribe to the social media platform’s NFT wallet, Coinbase (COIN) said in a report Wednesday.

NFTs

NFTs are digital assets on a blockchain that represent ownership of virtual or physical items that have the potential to be sold or traded.

“Facebook, Instagram, and Twitter possess NFTs integrations, however, those initiatives remain focused on ‘flaunting’ purchased NFTs on marketplaces and being able to increase preferred ones as a profile picture,” the report mentioned.

Reddit’s partnership

Reddit’s tactic additionally focuses more on its partnership, due to the fact it gives extra functionalities to NFT owners and supports creators, the note commented.

It is giving away (or giving away) NFTs to the most active users of the platform.

Even as trading volumes of NFTs plummeted this year, dropping 97% from the January peak, Reddit’s triumph shows the potential such tokens hold, the brief stated.

So successful have they been that the company is even teasing its next collection of Halloween avatars.