Reddit is a huge online community that boasts millions of daily visitors “NFTs” They took a big risk when they issued non-fungible tokens for avatars on the blockchain, but it paid off handsomely. Reddit takes a different approach, allowing users to “build” their avatars using various objects that can be won or purchased on the platform, rather than simply copying and pasting JPEGs and posting them as their avatars.
Many subreddits’ heated discussions centered on Reddit’s NFTs. There are more than 5.4 million users in just r/cryptocurrency. Interest from consumers in these tokens was to be expected. In August, the site began to roll out these avatars for users to acquire and trade. Nice royalties were paid out to the artists who created these images.
Tokens were created on the Ethereum-compatible Polygon network. Because they conform to the protocol used by the network, they can be bought and sold on OpenSea. One of the main NFT markets is currently selling these avatars at a premium, despite the fact that daily trade volume there dropped by over 90% due to the crypto winter. Although the platform has seen a decline in overall trading volume, BAYC and crypto punks are still actively traded thanks to the inflow of traders interested in Reddit avatars.
Reddit users can pay anywhere from $5 to $49 for these avatars. Those who did get their hands on them, however, are trying to recoup their costs by charging $50 or more for them online. Some avatars are being sold for $1,000 or more, but no one seems interested in buying them. The value of these avatars may vary from user to user, but they are not generally considered desirable investments. In contrast to other early projects, Reddit’s NFTs have actual interest from users who wish to have and use them.
Over 13,000 Senses NFTs have been published on the marketplace and have sold for a total of 15 ETH on the Polygon network, with the total USD value approaching $25,000. Statistics as of August 20.