Reddit's non-fungible token (NFT) avatars minted on Polygon have ignited a surge in secondary market activity. According to Dune Analytics, on October 24, 2022, secondary sales surpassed $5 million across 20,375 transactions, with $1,951,860 in the last 24 hours alone (4,708 sales).
Explosive Growth in Wallets and Holders
Reddit Chief Product Officer Pali Bhat revealed at TechCrunch Disrupt that the platform has created over 3 million Vault blockchain wallets, of which approximately 2.5 million were opened to acquire the latest NFT avatars. The holder count skyrocketed from 32,730 on August 19 to 2,831,931 by October 24 (5 p.m. ET), representing an 8,552% increase. Exponential growth began in September, and the total available collectible avatars now stand at 2,919,501.
Whale Accumulation and MATIC Rally
Dune Analytics data shows that 3.82% of Reddit collectible avatars are owned by whales, signaling strong interest from large holders. The NFT boom has directly benefited Polygon's native token MATIC, with a 6.4% gain in 24 hours, 12.4% over 7 days, and 15.4% over the past month. While MATIC is still down 45.4% year-to-date against the U.S. dollar, the recent demand has injected fresh momentum into the ecosystem.
Reddit first announced its blockchain avatars on Polygon in early July, citing “low transaction costs and sustainability commitments.” The strategy has now attracted millions of new users to Polygon, demonstrating that branded NFT collectibles can thrive even in a bear market, especially when paired with a major social media platform.