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A new trend of NFT investment is seen on Reddit

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Polygon Network’s non-fungible token (NFT) trading surged this week on the Opensea platform. Its daily volume registered nearly $3 million, after spending three months below $500,000, according to blockchain explorer Dune. In other words, it increased daily trades by 500 percent.

Blockworks Research Company reported that this movement was led by the social network Reddit. It indicated that it incorporated more than 3 million portfolios, minted more than 86,000 NFT And made a sale for 175 ethers (ETH), amounting to 230,000 U.S. dollars.

This brings the total sales volume of Reddit’s NFT collection to US$6.5 million, as reported by data compiled by Dune. Thirty-five percent of this figure ($2.3 million) was recorded in the last 24 hours alone.

NFT trading volume.
This week saw a near quadrupling of Polygon’s daily NFT trading volume on OpenSea, according to recorded data. Source: Dune.

“This has led to a huge increase in the volume of NFT on Polygon,” he explained. Thus, with this week alone, the network has reached its highest monthly volume since June totaling $9.7 million so far in October.

This scenario fits into the bearish cycle that the NFT market is going through along with other activities reported in CryptoNews, such as cryptocurrencies and stocks. The maximum monthly volume of the Polygon network on OpenSea was $79 million in January 2022, according to Polygon data. record by Dune.

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