Reddit Avatar NFTs raise eyebrows when they reach $5K

by James · September 22, 2022

Non-fungible token (NFT) avatars from social network Reddit have sold for $5,000 (4 ETH), potentially signaling a growing demand for the digital asset.

The Senses collection has so far proven to be the most lucrative of Reddit’s Collectible Avatar NFTs, according to the recent sale of a couple of them. Avatars NFTs The Hands #16 and The Hands #46 each sell for 4 ETH, or roughly $5,000.

The series, created by Reddit user Rojom as part of the Collectible Avatars Creator Program, currently has a minimum price of 0.93 ETH.

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“This is wild”

One member of the Reddit community reacted enthusiastically to the news of the sale. “Hands just sold for 4th like wtf lol,” said user Imalittlestitious86. “This is wild.” When it came to the significant return on investment, the user considered whether sales could rise to six figures.

Ilittlestitious86 also observed that another collection, Foustlings, appeared to be on the rise and perhaps selling for similarly high amounts. “The floor has really shot up this week with classic Foustlings selling for $400,” said the user, who also took the time to acknowledge the importance of Reddit’s NFTs.

“Absolutely insane to think that before these, this sub[-Reddit] hated digital assets with a passion,” said Imalittlestitious86. “Reddit out here changing hearts and minds with the digital doodles.”

Reddit NFTs

A longtime crypto-friendly environment, having accepted cryptocurrency for in-app purchases since 2013, Reddit also offers user avatars as NFTs.

While the social network collaborated with many independent artists to create over 90 designs, the total number of NFTs available is in the tens of thousands. Those who buy them get license rights, so they can also use the avatar outside the platform.

Reddit offers several types of NFTs, including those made by independent creators, as well as CryptoSnoos, its signature collection of NFTs featuring its mascot Snoo. With its latest offering, Reddit has been giving away free NFTs, distributed via batches of airdrops.

Despite the criteria being unknown for receiving one, Redditors who have gained higher status on the platform are believed to be the recipients.

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