Reddit’s launch of limited edition NFT avatars has led to a big 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 web, plugged into the burgeoning world of NFTs with the announcement of collectible avatars in July 2022. The avatars became accessible to customers in August and are already generating thousands of dollars in sales for artists.
Reddit users are in a position to buy a wide range of avatars for their profiles using Vault, Reddit’s cryptocurrency wallet, with credit and debit cards accepted to make funds for the blockchain-based NFTs.
Reddit Avatars are created by a number of independent artists that use the platform and are minted on purchase on the Polygon blockchain. Given that OpenSea features cross-blockchain help throughout Ethereum, Polygon, Klaytn and Solana blockchains, Reddit NFTs are now being sold at a premium on the favored NFT market.
NFTs currently available for purchase on the Reddit Avatar store page range from $5.00 to $49, whereas the NFTs that had been listed for $50 or extra at the moment are sold out. These more expensive avatars are nonetheless accessible on OpenSea, albeit for worth ranges considerably increased than their authentic listings on Reddit.
Two specific collections, The Senses x Reddit Collectible Avatars and Foustlings x Reddit Collectible Avatars, are distinguished Reddit Avatar compilations which can be featured on OpenSea.
Around 1,300 The Senses NFTs are listed on the marketplace and have generated a total of 15 Ether (ETH) on Polygon, or $25,000, in sales since Aug. 20. The Mouths #12 is the costliest NFT sold within the collection so far, sold for 1.377 Polygon-bridged ETH, or $333, on Sept. 3.
There are some 1,800 FoustlingsNFTs listed on OpenSea, with sales volume totaling 9.6 Polygon-bridged ETH at the time of writing. Rainbow Foustling #373fetched 0.348 Polygon-bridged ETH, or $577 on Sunday and currently ranks as the costliest NFT bought from the particular collection.
The Natsukashii, Celestial Assembly and Wearing Your Emotions collections are slowly seeing buying and selling motion, accounting for 3.7 ETH, 2.4 ETH and 1.5 ETH in Polygon-bridged sales, respectively.
Reddit’s initial NFT announcement indicated that the launch of avatars would primarily empower artists to create and sell NFTs by its retailer and on secondary marketplaces.