According to Polygon and Dune Analytics data, the volume of Reddit non-fungible token (NFT) avatar transactions has surpassed $1.5 million in the last 24 hours. The increase accounts for more than a third of the collection's total trading volume of $4.1 million since its inception. Simultaneously, Reddit NFT daily sales volume reached an all-time high of 3,780 digital collectibles traded hands.

Independent artists create Reddit avatars, which are then printed as NFTs on the Polygon blockchain. Such collectibles can be purchased through Vault, Reddit's cryptocurrency wallet. When users create content on the popular social media platform, it can then be used and displayed as profile pictures.

NFTs can be traded on secondary markets such as OpenSea once purchased. Some collections receive few or no offers, whereas others have starting prices of more than $2,000. The most expensive Reddit NFT stream costs $24,149, or 18 Ether (ETH prices are down $1,549).

Since its release in July, over 2.9 million collectible avatars have been printed. As a result, there are currently 2.8 million wallets holding Reddit NFTs. However, the collection's supply did not grow proportionally, with only a few thousand NFTs printed per day compared to the record daily rate of nearly 200,000 NFTs printed at the end of August.

This initiative was originally conceived by Reddit as a way to encourage artists to create NFT artwork and monetize their collections on NFT marketplaces. So far, data shows that artists have earned more than $60,000 in royalties from secondary market NFT sales.