Reddit is a massive forum with hundreds of millions of active users. Their decision to issue blockchain-based non-fungible tokens representing avatars is a bold move that paid off greatly. See, the issue with other NFTs is that anyone can copy and paste JPEGs and post them as their avatars on any social media, but Reddit has a different system with avatars being “constructed” by users with various items that can be earned or purchased on the platform.
NFTs issued by Reddit was a hotly debated topic within many communities. The r/cryptocurrency alone has over 5.4 million members. It was inevitable that these tokens would see interest from users. In August, these avatars started popping up on the platform and became available to users who wanted to trade them. Artists who came up with these pictures received nice royalty payments.
Tokens were minted on the Polygon network that works within the Ethereum ecosystem. Since they are using the network standard, they can be traded on OpenSea. Currently, these avatars are being sold at a premium on one of the biggest NFT marketplaces that saw a massive decrease in daily trading volume (over 90%) during the crypto winter. However, BAYC and crypto punks are still being traded and the influx of traders interested in Reddit avatars revived the platform.
Users can buy these avatars from Reddit for anywhere from $5 to $49. However, those who managed to grab these are now selling them for $50 and more with many of them being sold out already. Some avatars are listed at $1000 and even higher, but they do not see any interest from buyers. While these avatars are valuable to some users, they are not prized as speculative assets. Reddit’s NFTs have what other early projects should have had — actual interest from users who want to have and use them!
Over 13 hundred NFTs from the Senses collection are listed on the marketplace and were sold for a total of 15 ETH on the Polygon network with the total USD value reaching $25 thousand. These are stats from August 20.
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