Introduction

What Is Reddit?

Reddit is a popular networking site that allows users to discuss, vote on and share content. Any user who joins Reddit can provide posts with a downvote or upvote, which determines how popular a post is when it comes to search rankings.

Reddit exists as a forum and networking site with more than 430 million active monthly users. These users can search Reddit for entertainment, news, updates, marketing and memes that cover all manner of topics. The website was placed online in 2005 and is likely the most popular discussion website in existence.

How Does Reddit Work?

When a user first joins Reddit, they create a profile and username that represents them when they make posts or comments across the forum. Reddit users are commonly referred to as redditors. Along with being a forum where users can create communities and topics about practically anything, Reddit is a news aggregation site, which means that any important piece of news is posted on Reddit for discussion among members. The various types of content that can be placed on Reddit include text posts, images, audio clips, videos and external links.

If a redditor wants a community where they can host more specific discussions, they can create a subreddit. Once a dedicated subreddit is made, redditors who are interested in the topic of discussion can join the subreddit. Thousands of subreddits cover subjects such as TV shows, movies, politics, stock trading, gaming and cryptocurrency.

As of this writing, it's believed there are more than 140,000 active daily subreddits. When content is shared on a subreddit, the post gains more interest from redditors. The voting system mentioned previously provides redditors with the opportunity to determine which content goes viral. Any negative or uninteresting post will be ignored or downvoted, which means that it won't be spread around.

Subreddits that center around the stock market and the crypto industry are some of the most popular subreddits on the website. In fact, the r/CryptoCurrency subreddit has around 5.3 million members. Recently, r/CryptoCurrency launched the crypto token known as MOON. Another crypto token known as BRICK was recently formed by the r/FortNiteBR subreddit, which is designed specifically for the Fortnite: Battle Royale game by Epic Games.

What Is a Reddit NFT?

A Reddit NFT is a type of avatar that can be purchased on the Reddit avatar marketplace. This marketplace provides redditors with the opportunity to buy blockchain-based images for a set amount of money.

If you decide to purchase an NFT-based avatar, you can do so with a crypto wallet, credit card, debit card or Reddit's Vault. Reddit has partnered with many independent artists to create over 90 designs, released alongside the marketplace’s launch. However, the total number of NFTs up for sale is in the tens of thousands.

In the event that you buy a limited edition NFT on Reddit, you're given the licensing rights to the token, which means that you have the ability to use the avatar on and off Reddit. In addition, buying one of these avatars allows you to alter its look with different merchandise obtainable within the avatar builder. As mentioned earlier, these avatars come with a glowing effect when you make a comment under a Reddit post.

Method

Whereas, we haven’t Polygon NFT transactions Sales table, so we have to rely on polygon.core.fact event logs table.

By use of this table and the 'TransferSingle' event name I tried to find all Mint transactions. I found the value of event inputs:” _from” is addressed to NFT seller for secondary sales when its not NULL address as "0x0000000000000000000000000000000000000000000000000000", But when from address is this NULL addresses then transactions refer to Mint a NFT. While The event inputs:” _to” field indicates which party (minter or buyer) will receive the NFT, whereas the event inputs:” _id” field indicates a specific NFT. The NFT Collection is also referred to by the contract address. Reddit NFT mint transactions have the origin function signature of 0x669f5a51, 0x5a86c41a.

The Transfer event name is broadcasted by NFT sales and mints in other Polygon collections. To verify that the sale or minting of a new NFT is associated with the transaction, I filtered event inputs: tokenId to not be NULL. Similar to Reddit, the value of event inputs:from is "0x000000000000000000000000000000000000" for mint transactions and "NFT seller" for secondary sales. The NFT's token ID can be found in the event inputs:to field, whereas the NFT's recipient (minter or buyer) can be found in the event inputs:to field. I have only taken Completed Transactions into account by tx_status = SUCCESS.

To calculate the sales volume, I used polygon.core.fact_token_transfers table and joined it with event_logs table by mutual TX_HASH, and filtered transactions by raw_amount > 0. So considered those transactions that had amount value in ETH, and obtained volume calculated in terms of ETH volume.

At the final part I tried to distinguished the user who have transactions before buying Reddit NFTs or not, also who has interactions with NFT marketplaces or not, and new users who bought NFTs for the first time.

• In the Above tape you can choose a NFT collections to see comparision on launch date whit Reddit NFT.

Conclusion

• 3 metrics to compare the Reddit NFT launch to the launches of other major NFTs: As well we can understand from all the information we have until now, NFT is obviously late to NFT market but slowly and surly is getting a hold of its place in this area. Reddit’s start its work practically from Aug 28th as you can see in the start of this dashboard and it is safe to say that it has now a small portion of NFT market at its grasp.

• At the end we compared Reddit to one other successful NFT market which is called Martian and as we can see reddit is already as known as other strong NFT markets (maybe not so successful as) but definitely we can say that it is becoming more and more popular with selling smaller and lower price NFT’s.

  
  SMALL NOTE FROM AUTHOR: NFT market had a good launch when it was introduced but looking at its current state as well as shown in the information above we can see that people are losing interest in NFT over time and realizing that (in my personal opinion) it is not a safe investment. Why waste money on something that does not exist and practically has no use?? at it can easily be stolen and copied by non paying interactors? But who am I to judge every person is free to do as it pleases I simply stated my thought.

Observations

• Reddit NFTs saw a total of 41.8K selling transactions, with 9.1K unique buyers and 10.01 Unique Sellers. Between these sales, 6420 tokens were exchanged in total. The transactions included 59 out of 61 Reddit NFT collections.
• Reddit NFT collection estimates that 1.21 million tokens overall were issued in 581 thousand mint transactions by 2.85 million different minters.
• Since September 2022, when the majority of Reddit NFTs were created, less transactions have been made with each passing day until now.
• With a total of 284 transactions, the user address 0x352140eb74cae24c9bee7de1884a4ac5a38bc702 has executed the most mints.

With 1876 trades, Spooky Season: poieeeyee Collection is the most trader collection among the Reddit CAs, The Drag Queens of Big Gay Baby is the 2nd one with 1495 trades and Cute Snakes with 1359 trades are the next ones.

If we take a look at the Daily trades volume in OpenSea on Polygon we see the Reddit CA is attracting the majority of the sales volume to itself!

In the average gas consumption, we have the smallest difference among the above charts, but naturally, when the total gas consumption increases, the average price and total gas price will also increase, that is why we see a difference of more than 87% in the total gas consumption.