The sales of recently released Reddit limited edition NFT avatars are increasing and outpacing the Opensea marketplace, with some avatars selling for a large premium on the marketplace.
With the introduction of collectible avatars in July 2022, Reddit, the “first page” of the internet, entered the expanding NFT industry. Users first had access to the avatars in August, and they have since helped artists make hundreds of dollars in revenue.
Users can utilize Vault, Reddit’s cryptocurrency wallet, to buy a choice of avatars for their profiles. Credit and debit cards are supported for payments for blockchain-based NFTs.
Independent artists who use the platform produce Reddit Avatars, which are issued upon purchase on the Polygon blockchain. The NFTs are now being sold at a premium on the well-known NFT marketplace because OpenSea offers cross-blockchain support across the Ethereum, Polygon, Klaytn, and Solana blockchains.
The Reddit Avatar store page presently has NFTs advertised for $5 to $49, however, those that were offered for $50 or more are no longer available. Even if their price ranges are substantially higher than their initial Reddit advertisements, these more expensive avatars are still accessible on OpenSea.
Reddit Avatar compilations that are prominently displayed on OpenSea include The Senses x Reddit Collectible Avatars and Foustlings x Reddit Collectible Avatars.
Since August 20, sales of the approximately 1,300 The Senses NFTs posted on the marketplace have brought in a total of 15 Ether (ETH) on Polygon, or $25,000. The Mouths #12 was sold for 1.377 Polygon-bridged ETH, or $333, on September 3, making it the most costly NFT in the collection so far.
Around 1,800 Foustlings NFTs are currently available for sale on OpenSea, with a 9.6 Polygon-bridged ETH sales volume as of this writing. On Sunday, Rainbow Foustling #373 sold for 0.348 Polygon-bridged ETH, or $577, making it the most expensive NFT ever sold from that particular collection.
The Natsukashii, Celestial Assembly, and Wearing Your Emotions collections are gradually witnessing trading activity; in terms of Polygon-bridged sales, they represent 3.7 ETH, 2.4 ETH, and 1.5 ETH, respectively.
The initial Reddit NFT release stated that the introduction of avatars will primarily enable artists to produce and promote NFTs through Reddit’s shop and other online marketplaces.