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Sales of Reddit avatars rising on NFT marketplace OpenSea

written by Bella Palmer
reddit

Reddit plugged into NFTs with the announcement of collectible avatars in July 2022

Sales of recently launched Reddit blockchain-based avatars are rising on nonfungible token (NFT) marketplace OpenSea, outperforming the platform’s proprietary store.

Reddit plugged into the burgeoning world of NFTs with the announcement of collectible avatars in July 2022. The avatars became available to users in August and are already generating thousands of dollars in sales for artists.

Reddit users are able to purchase a variety of avatars for their profiles using Vault, Reddit’s cryptocurrency wallet, with credit and debit cards accepted to make payments for the blockchain-based NFTs.

Reddit Avatars are created by a number of independent artists that use the platform and are minted on purchase on the Polygon blockchain. Given that OpenSea features cross-blockchain support across Ethereum, Polygon, Klaytn and Solana blockchains, Reddit NFTs are now being sold at a premium on the popular NFT marketplace.

NFTs currently available for purchase on the Reddit Avatar store page range from $5.00 to $49, while the NFTs that were listed for $50 or more are now sold out. These more expensive avatars are still available on OpenSea, albeit for price ranges significantly higher than their original listings on Reddit.

Two specific collections, The Senses x Reddit Collectible Avatars and Foustlings x Reddit Collectible Avatars, are prominent Reddit Avatar compilations that are featured on OpenSea.

Around 1,300 The Senses NFTs are listed on the marketplace and have generated a total of 15 Ether (ETH) on Polygon, or $25,000, in sales since Aug. 20.

The Mouths #12 is the most expensive NFT sold in the collection to date, sold for 1.377 Polygon-bridged ETH, or $333, on Sept. 3.

There are some 1,800 Foustlings NFTs listed on OpenSea, with sales volume totalling 9.6 Polygon-bridged ETH at one time. Rainbow Foustling #373 fetched 0.348 Polygon-bridged ETH, or $577 on Sunday and currently ranks as the most expensive NFT sold from the specific collection.

Disclaimer:

The opinions expressed by our writers are their own and do not represent the views of UK Investment Guides. The information provided on UK Investment Guides is intended for informational purposes only. UK Investment Guides is not liable for any financial losses incurred. Conduct your own research by contacting financial experts before making any investment decisions.

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