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Three of Reddit’s tokenized avatar collections made it into the top 10 projects at OpenSea this week, demonstrating the success of the polygon-based nonfungible token (NFT) initiative.
Compared to Yuga Lab’s Bored Ape Yacht Club (BAYC), which has the highest 24-hour sales volume of 684 ETH, Spooky Season by Reddit user poieeeyee comes in second with 274 Ether, or $401,000 at the time of writing, in sales.
The Senses by user Rojom and Imagination Station by user Chipperdoodle, with 121 ETH ($177,400) and 120 ETH ($175,900) in sales in the last 24 hours respectively, claim ninth and tenth ranks respectively.
Zooming out to the seven-day sales volume chart, Spooky Season, which has sold 880 ETH ($1.2 million) worth of tokens and is currently ranked sixth, is the only Reddit project to enter the top 10.
Suppose you need to become more familiar with Reddit’s NFT initiative. If so, it offers a Collectible Avatars Creator Program that allows users to create and sell collections of profile picture (PFP) NFTs based on Reddit mascot Snoo.
The move has been successful since its introduction in July, and around 2.8 million wallets contain Reddit NFTs.
The Supreme Court of the Republic of Singapore compared the asset class to tangible goods such as fine wine or elegant watches and used existing property rules to allow a motion to restrain a defendant hodler from selling a BAYC NFT.
Plaintiff Janesh Rajkumar alleges that defendant chefpierre.eth violated the terms of an NFT lending scheme by prematurely foreclosing the token.
Using his BAYC NFT as collateral, Rajkumar, according to court documents, borrowed crypto assets from chefpierre.eth via the NFTfi platform, but he set rules that prevented the asset from being sold without “reasonable opportunities to make full repayment of the loan.”
Chefpierre.eth put NFT up for sale after NFT was liquidated. Rajkumar then filed a lawsuit and asked the court to stay the sale while the case was pending.
Judge Lee Seiu Kin equated NFTs with actual collectibles when explaining why he decided to grant the motion, adding that: “Cars, books, wine and luxury watches…are a few examples of highly sought after collector’s items, [f]or digital nomads, especially those steeped in the blockchain and cryptocurrency world, NFTs have emerged as a highly sought-after collectible.”
The author is the founder of yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash
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