Over the past few years, we have seen the NFT industry experience its fair share of ups and downs. While some parts may be worth millions of dollars, others are worth nothing. So why have Reddit NFTs suddenly increased in popularity? What are these NFTs and how can you get one?
An overview of Reddit NFTs
Reddit NFT avatars are hosted on the Polygon blockchain and form several separate collections. They are based on Snoo, Reddit’s alien-like avatar-cum-mascot. Polygon is a layer-2 Ethereum solution and stands as a top choice for DApp and DeFi service developers. As you might have guessed, Polygon can also be used to power NFT marketplaces.
Between October 23 and 24, 2022, nearly two million dollars were generated through 4,700 sales of Reddit’s NFT avatars. Also, over three million Polygon wallets were created in the same month by users who wanted to collect these NFTs. This is huge for both Reddit and Polygon.
Nearly three million users now own a Reddit NFT avatar, which is almost as many as there are avatars available. But it’s worth noting that a large portion of these NFTs were given away to members of the subreddit (community) or airdropped. It is believed that around 86,000 NFTs in the collection were sold, but this is still a large number and has given the Reddit NFT collection a market value of around $100 million.
As you can see in the Dune chart above, sales of Reddit NFTs have been increasing since September, but saw a sharp increase in October, when sales grew exponentially to 26,000. Currently, this number continues to increase. In fact, Reddit’s NFTs are challenging the likes of Bored Ape Yacht Club, a hugely popular NFT avatar collection worth millions of dollars.
One NFT even sold for 18 ETH, which is currently equivalent to around $24,000. This was one of the avatars from the Spooky Season collection, which you can find on OpenSea.
Polygon has also benefited from the hype of Reddit’s NFT collection. Between October 23rd and 26th, the price of Polygon’s MATIC coin rose from $0.8 to $0.95. Although a MATIC is still worth less than a dollar, this is a healthy price increase and is undoubtedly good news for Polygon.
But why are so many people buying these NFTs now? Are they useful in any way or are they just experiencing a wave of public hype?
What do Reddit NFTs do?
Reddit NFTs, like many other NFTs, don’t do much in terms of functionality. They are tokens after all, so their main purpose is to hold value (depending on demand). But these avatars can also be set as Reddit account profile pictures.
In addition to this, you can sell or trade your Reddit NFTs with other collectors.
How to buy Reddit NFTs
If you’re interested in buying or collecting Reddit’s NFT avatars, you can find them on OpenSea, one of the world’s largest NFT marketplaces.
You may find it a bit overwhelming when searching for Reddit NFTs on OpenSea as there are many Snoo NFTs for sale. This can make it difficult to choose which one to buy. Many NFT artists have created and listed their own Snoo-inspired NFT avatars that range in price from less than a hundred dollars to tens of thousands.
Take the Drip Squad NFT collection for example. You can buy a Drip Squad NFT for just $30, while other tokens from this collection are worth hundreds of dollars at the time of writing. The price usually depends on the avatar’s uniqueness and the demand around it.
Reddit NFTs are on the rise, for now
While Reddit NFTs are certainly the hype at the moment, nothing is certain in the NFT realm. We can see these NFTs continue to grow in popularity, but their demand can also plateau or even decline along with their value, such are NFTs!
