- Reddit NFTs are fetching a higher price than the usual proprietary market.
- The more costly avatars listed on Reddit have now been relisted on OpenSea.
OpenSea, a marketplace for non-fungible tokens (NFTs), has seen increased demand for Reddit’s blockchain-based avatars, outselling the platform’s own shop.
In July of 2022, Reddit, the “front page” of the internet, announced collectable avatars, becoming a part of the developing world of NFTs. Since their release in August, the avatars have generated thousands of dollars in revenue for their creators.
Reddit’s cryptocurrency wallet, Vault, accepts payments from major credit cards and debit cards for the blockchain-based NFTs that may be used to customize user accounts with custom avatars.
Empowering Local Artists
Multiple freelance artists who utilize Reddit produce the avatars, which are then “minted” on the Polygon blockchain when purchased. Because OpenSea facilitates transactions across the Ethereum, Polygon, Klaytn, and Solana blockchains, Reddit NFTs are fetching a higher price than usual on the aforementioned market.
Reddit Avatar store page NFTs cost between $5.00 and $49.00 at the time of this writing, whereas NFTs costing $50.00 or more have been discontinued. The more costly avatars listed on Reddit have now been relisted on OpenSea, although at much higher prices.
Among the several Reddit Avatar collections available on OpenSea, The Senses x Reddit Collectible Avatars and the Foustlings x Reddit Collectible Avatars collections stand out.
Since August 20th, over 1,300 The Senses NFTs have been available for purchase on Polygon, resulting in 15 ETH, or about $25,000. On September 3rd, The Mouths #12 sold for 1.377 Polygon-bridged ETH (about $333), making it the most valuable NFT in the collection so far.
In its first NFT release, Reddit said that the introduction of avatars will mainly enable artists to produce and sell NFTs via its store and in other markets.
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