Reddit NFT Collections are Outpacing Popular Blue-Chip Projects

On Nov 11, 2022

Three Reddit collections have ranked within the top 10 projects on the biggest NFT marketplace, OpenSea.

Reddit literally has millions of subreddits and users. It’s home to some of the biggest Blockchain, Crypto, and NFT communities on the web. So it’s no wonder that its NFT marketplace has become popular in a short amount of time.

However, what is surprising is that several Reddit NFT collections have sold for tens of thousands of dollars and are even outpacing popular blue-chip projects. Three of Reedit’s NFT collections have been ranked within the top 10 projects on OpenSea.

The Popularity of Reddit’s NFT Marketplace

Reddit’s NFT marketplace has exploded in popularity since its launch back in July. Not only have 2.5 million wallets been opened, but several users have also found success selling their own NFT creations within the platform’s community-driven marketplaces.

While Reddit’s NFTs have yet to surpass the likes of CryptoPunks and Bored Apes – which still routinely sell for millions despite the CryptoWinter – they’re selling at high prices.

The 35,000+ transactions and nearly $11 million generated show that certain NFT communities are willing to invest in Reddit NFT collections. And with the top sale topping out at over $40,000, they are no small feat either.

As the market expands, it will be interesting to see if more diverse projects like Reddit’s meme-inspired NFTs can succeed among collectors.

What Projects Have Gained Popularity?

Among devoted Reddit users, many NFT collections have seen a lot of success. However, these collections have also started making some serious noise among the general NFT community.

Just take a look at the trading volume for Spooky Season, a series of collectible avatars. Within 24 hours it experienced an impressive 121% increase and now sits just behind BAYC in OpenSea’s top 10 rankings.

And it’s not just Spooky Season making waves – other Reddit projects, such as The Senses x Reddit and Foustlings x Reddit, are also climbing the ranks. It seems like NFT collectors can’t get enough, snapping up digital art and unique online experiences like never before.

What’s the Reason for Reddit NFT Popularity?

While NFTs are slowly gaining popularity among Internet investors, Reddit’s NFT collections are outpacing other projects. One theory is that “seasoned collectors” are flocking to Reddit NFTs because they offer a lot of upside potential at a relatively low price point.

Another possibility is that the popularity of some of these collections (like The Senses x Reddit) is due to their connection to popular Internet communities like r/wallstreetbets. Whatever the reason, it’s clear that Reddit’s NFT collections are having a moment in the spotlight.