Sales of recently launched Reddit blockchain-based avatars are surging on non-fungible token (NFT) marketplace OpenSea, outpacing the platform’s own store.
Reddit, the “front page” of the internet, was introduced to the burgeoning world of NFTs with the announcement of collectible avatars in July 2022. The avatars were made available to users in August and are already generating thousands of dollars in sales for the artists.
Reddit users can purchase a variety of avatars for their profiles using Vault, Reddit’s cryptocurrency wallet, with accepted credit and debit cards to make blockchain-based NFT payments.
Reddit avatars are created by a number of independent artists using the platform and are minted by purchase on the Polygon blockchain. Since OpenSea has cross-chain support through the Ethereum, Polygon, Klaytn and Solana networks, Reddit NFTs are selling for a premium on the popular digital collectibles market.
NFTs currently available for purchase on Reddit’s avatar store page range from $5 to $49, while NFTs that were listed for $50 or more have already sold out. These more expensive avatars are still available on OpenSea, albeit with significantly higher prices than their original Reddit listings.
Two specific collections, The Senses x Reddit Collectible Avatars and Foustlings x Reddit Collectible Avatars, are prominent Reddit avatar compilations featured on OpenSea.
Around 1,300 NFTs from The Senses are listed on the market and have generated a total of 15 Ether (ETH) in Polygon, or $25,000, in sales since August 20. Mouths #12 is the most expensive NFT sold in the collection to date, selling for 1,377 ETH on Polygon, or $333, on September 3.
There are some 1,800 NFT Foustlings listed on OpenSea, with sales volume amounting to 9.6 ETH at press time. The Rainbow Foustling #373 reached a price of 0.348 ETH, i.e. $577 on Sunday, and is currently the most expensive NFT sold from the specific collection.
The Natsukashii, Celestial Assembly, and Wearing Your Emotions collections are trading slowly, with 3.7 ETH, 2.4 ETH, and 1.5 ETH in sales bridged on Polygon, respectively.
The initial announcement of NFTs on Reddit indicated that the avatar rollout would primarily allow artists to create and sell NFTs through their store and on secondary markets.
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