Reddit Makes PFP NFTs Cool Again, Marketplace Trading Volume Surges

Nearly 3 million Redditors have bought a collectible avatar, more than other leading native marketplaces

article-image

Source: Shutterstock

share

key takeaways

  • Reddit doesn’t use the term NFT to sell its collectibles
  • The cumulative sales volume of the collectible avatars stands at $6 million

Social platform Reddit has been silently rolling out new features and onboarding millions of new users to Web3 — 2.8 million to be exact, according to data provided by Polygon and Dune Analytics.

And it’s all thanks to digital collectibles or profile pictures (PFPs).

The buzz around Reddit’s NFT avatars and growing marketplace has been attracting the attention of non-native Web3 users over the past few days.

The numbers speak for themselves. 

Nearly 3 million new wallets have been opened since the RedditFloor marketplace launched and dropped its own avatars in July. Users have minted more than 86,000 NFTs.

Number of collectible avatar holders over time | Source: Dune Analytics, @polygon_analytics

On Sunday, daily volume surged from below $1 million to $2 million in less than 24 hours. At the time of publication, the 24-hour sales volume was about $2.6 million.  

Source: Redditfloor.com/charts 

Reddit NFTs collectively have a $122 million market cap, according to the marketplace.

For comparison, OpenSea, the largest secondary NFT marketplace, has 2.3 million users. Magic Eden, the top Solana marketplace, has 1.2 million, and LooksRare has around 107,000 users, according to DappRadar data. 

The collectibles are minted on the Polygon proof-of-stake blockchain, which is compatible with the Ethereum virtual machine. Their success has resulted in a huge surge in NFT volume on OpenSea on Polygon over the last couple of days.

OpenSea Polygon Daily Volume; Source: Dune Analytics @niftytable

The director of research at Proof Collective, known as punk9059, found that Reddit avatars recorded as much trading volume on Oct. 24 — around 1,900 ether (ETH) — as all the ETH NFT volume on Blur, LooksRare, x2y2, LarvaLabs and SudoSwap marketplaces combined.

Loading Tweet..

This amount of ETH is comparable to 1,901 ETH ($2.5 million) sales of Azuki NFTs representing gold-plated skateboards over the same weekend.

RedditFloor is different

A few things set this marketplace apart from others, such as its native integration. Reddit’s marketplace allows users to create wallets and mint and customize NFTs directly in-app. 

Notably, mentions of crypto lingo are scant on the site, not even the term NFT. Reddit instead sold NFTs as digital collectibles or collectible avatars. Users can display them as profile pictures when users create content on the popular social media platform.

Additionally, “coins” replace tokens and “vaults” refer to wallets. Users can pay for NFTs with credit or debit cards and store their assets in Reddit’s Vault wallet. The checkout process is simple and “looks like you’re buying a video game avatar,” according to Twitter user threadoor.eth.

This has likely attracted non-crypto-native users who don’t realize they are using blockchain technology, or who may have been deterred by complicated crypto language in the past.

While most NFT collections tend to have a 10,000 unit cap, Reddit features around 40,000 limited-edition NFTs designed by Reddit artists. 

While digital collectibles are just one use case for NFTs, Redditors are proving that PFP NFTs are still relevant and coveted. 

Those that choose to make use of their avatars in their profile signal a certain status as Collectible Avatar owners.

The ability to mix and match traits and customize avatars, with a focus on rarity, may incentivize people to hold multiple NFTs at once.

The highest amount paid for a Reddit NFT is $14,817, while the cheapest NFT is currently going for $29. 

Reddit’s initial foray into NFTs went down in June 2021 with the drop of its first NFT collection, CryptoSnoo, based on the platform’s logo Snoo. This latest initiative leverages its existing base of 52 million daily active users and appears to be targeting a more mainstream audience.

Reddit’s co-founder Alexis Ohanian is a vocal proponent of blockchain and crypto and most recently started fundraising for his digital assets-focused venture capital firm Seven Seven Six. Its new fund, dubbed Kryptos, plans to invest $177.6 million into early-stage Web3 startups and cryptocurrency tokens.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Industry City | Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Brooklyn, NY

SUN - MON, JUN. 22 - 23, 2025

Blockworks and Cracked Labs are teaming up for the third installment of the Permissionless Hackathon, happening June 22–23, 2025 in Brooklyn, NY. This is a 36-hour IRL builder sprint where developers, designers, and creatives ship real projects solving real problems across […]

recent research

Research Report Templates (19).png

Research

Suilend has grown into the top money market and liquid staking provider on Sui. STEAMM, Suilend’s Superfluid AMM, presents a compelling avenue for growing market share within Sui’s DEX landscape and revenue generation for the protocol. Suilend’s multi-product suite position it well for owning market share across key verticals. While current metrics across the Sui ecosystem are likely inflated due to Sui Foundation incentive programs, SEND trades at amongst the lowest multiples in the lend/borrow sector, suggesting that a bull case for continued growth in the ecosystem may be mispriced.

article-image

Strive board member Ben Werkman expects thousands of firms to hold BTC, if only “to protect themselves”

article-image

To date, 12.6 million humans have scanned at a World Orb

article-image

One small step for man, one giant leap for Bitcoin

article-image

Jay Woods, Chief Global Strategist at Freedom Capital Markets, said it would be “very rare” for an acquisition to happen since the IPO may occur as soon as next week

article-image

Sponsored

Money is one of the most consequential pieces of infrastructure, and M0 believes its architecture should serve builders, not extract from them

article-image

The financial backwaters they laughed at might be the only thing keeping the dollar afloat