- Reddit released six collections NFTs based on Polygon which allow its users to buy images that can be used as a profile picture.
- Recently Launched Reddit Non-Fungible Tokens (NFTs) Are Seeing Big Sales On The NFT Market, OpenSea generated a total of 15 ETH in Polygon, approximately $25 thousand US dollars, where The Senses and Foustlings collections have been the most successful.
- Reddit avatars are created by independent artists and are minted on the Polygon blockchain at the time they are purchased.
In July of this year Reddit, one of the social platforms preferred by the crypto community, toannounced that it would be joining the NFT ecosystem with the launch of collectible avatars.
Reddit launched a Polygon-based NFT marketplace that allowed users to purchase profile pictures for a flat fee.while other avatars were distributed by airdrop to certain users on the platform.
Reddit avatars are created by independent artists and are minted on the Polygon blockchain at the time they are purchased. Now the avatars are generating thousands of US dollars in sales for the artists.
In this way, there are various collections of Reddit avatars on OpenSea. Some of them are: The Senses, The Singularity, Natsukashii, Foustlings, Celestial Assembly and Wearing Your Emotions.
Reddit avatars present interesting trading activity
From August 20, the collection The Senses has generated a total of 15 ETH on Polygon, roughly $25k US in sales with around 1,300 NFTs listed on OpenSea. The floor price of this collection is 0.45 ETH.
Likewise, The Mouths #12 has been the most expensive NFT belonging to the avatars of Reddit that has been sold for 1,377 Polygon-bridged ETH.
While Foustlings has seen a total turnover of 9.6 ETH with approximately 1,800 NFTs listed on OpenSea. The Senses and Foustlings are currently the most commercially active avatar collections.
Other collections like The Singularity, Natsukashii, Celestial Assembly Y Wearing Your Emotions are experiencing slightly slower trading activity, accounting for 1.1 ETH, 3.7 ETH, 2.4 ETH, and 1.5 ETH in sales on the Polygon bridge, respectively.
What to do with these collectible avatars?
These can be stored and managed directly on Reddit’s blockchain wallet called Vault. An interesting aspect is that this wallet offers users community points based on the blockchain. These points can be used within the platform to purchase certain features or badges.
Once a user has purchased an avatar, they can use it as a profile image on the platform and, of course, they will be eligible for unique benefits. In addition, the creators of the collectible avatars will receive a percentage of these secondary sales.
Reddit itself does not identify avatar collections as NFTs, but indicated at the time that they are “rbacked by the blockchain, being one of the first steps we are taking to test the potential benefits”.
“Moving forward, we see blockchain as a way to give more power and independence to communities on Reddit. Reddit has always been a model of what decentralization could look like online; our communities are self-building and self-managing, and as part of our mission to better empower our communities, we are exploring tools to help them become even more self-sufficient and autonomous”, they communicated
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