Reddit NFT avatars selling for a premium on OpenSea
Reddit’s launch of limited edition NFT avatars has led to a large premium on secondary sales on OpenSea. Sales of recently launched Reddit blockchain-based avatars are rising on nonfungible token (NFT) marketplace OpenSea, outperforming the platform’s proprietary store.Reddit, the “front page” of the internet, 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....
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Slowly but surely, Reddit Avatars fought their way into success. The initiative was initially mocked, but their second generation 40K collection sold out in 24 hours and the pieces’ prices are raising on the secondary market. Don’t call them NFTs, though. The Reddit brand managed to accomplish the impossible by avoiding crypto jargon in the […]
The social media and discussion website Reddit has announced the launch of blockchain-backed collectible avatars. The collectible avatars are stored via the Polygon blockchain as the chain was chosen for its “low-cost transactions and sustainability commitments.”
Reddit’s Polygon-Backed Digital Avatars Will Soon Be Available to the General Public
On July 7, 2022, the staff at Reddit announced the launch of blockchain-backed Reddit avatars that are stored on the Polygon network. It’s not Reddit’s first rodeo with blockchain technology as the....
The company said that the project is set to utilize the Polygon (MATIC) blockchain for decentralized trading and third-party sales. Content aggregation, ranking, and discussion website Reddit announced a new blockchain-backed avatar system on Thursday. Though no official date was revealed, the company suggested that the avatars will be available to the general public in the next few weeks. For now, Reddit is providing first-look early access to a limited number of people who join the r/CollectibleAvatars community.Collectible Avatars are a set of limited-edition artwork created by....
Meanwhile, the minting volume of nonfungible tokens have been declining steadily. According to data provided by Polygon and Dune Analytics, the trading volume of Reddit nonfungible token (NFT) avatars has eclipsed $1.5 million in the past 24 hours. The increase represents over one-third of the collection’s cumulative trading volume of $4.1 million since launch. At the same time, the daily sales volume of Reddit NFTs also witnessed a new all-time high of 3,780 digital collectibles changing hands.Reddit avatars are created by independent artists and are minted as NFTs on the Polygon....
Reddit's NFT collections have taken some of the top 10 spots on OpenSea and seen millions in sales volume over the past week. Reddit NFTs among OpenSea’s top 10 collectionsReddit’s Polygon-based nonfungible token (NFT) venture continues to impress with three of its tokenized avatar collections cracking the top 10 projects on OpenSea in terms of sales volume this week. Looking at the 24-hour sales volume chart, Spooky Season by Reddit user poieeeyee is ranked second with 274 Ether (ETH) ($401,000) worth of sales, behind only Yuga Lab’s Bored Ape Yacht Club (BAYC) at 684 ETH. The ninth and....