Reddit’s NFT-like avatars are being sold at a premium price in OpenSea’s secondary sale.
Reddit Collectible Avatars are newly released custom avatars launched by the platform in collaboration with the artists back in July.
In its secondary sale on OpenSea, one of the most popular platforms hosting NFT’s buying and selling, the prices of these exclusive avatars have increased drastically.
Reddit NFT avatars in OpenSea
Reddit entered the NFT world with their recent release of limited edition avatars in July 2022.
Following their announcements, the avatars were made available to users in the month of August. The artists have also seen the prices of their artwork increase in sales by thousands of dollars.
Following their announcements, the avatars were made available to users in the month of August. The artists have also seen the prices of their artwork increase in sales, worth thousands of dollars.
According to Crypto News, recent Reddit blockchain-based avatars are selling well on OpenSea, outperforming the platform’s proprietary store.
Contrary to what the business expected in July, the platform’s avatars skyrocketed within a short period of time.
According to Crypto News, sales of recently launched Reddit blockchain-based avatars are soaring on NFT marketplace OpenSea, surpassing the platform’s proprietary store.
With more than 52 million active users, the platform’s avatars skyrocketed in a short time, contrary to what the market expected after the announcement in July.
Reddit avatars are created by a variety of independent artists who use the platform and are stamped with purchases on the Polygon blockchain.
Given that OpenSea has cross-blockchain support across the Ethereum, Polygon, Klaytn and Solana blockchains, Reddit NFTs are now being sold at a premium price.
When Reddit originally introduced its collectibles, the price range for the artwork that could be purchased on the platform’s store page ranged from as little as $5.00 to as much as $99.99 at the time.
But today the costs associated with buying these avatars on OpenSea have multiplied significantly.
As an example, The Senses x Reddit Collectible Avatars the collection in OpenSea has an entry called “The Hands #22,” which is now priced at ETH 10, which is approximately $15,059.20 at the time of writing.
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Reddit’s collectible avatars
Reddit is a social media platform that helps nurture communities. It is an open forum platform known to provide anonymity to its users. Reddit has a default feature of giving users a variety of avatars to choose from, and these avatars act as a profile picture.
As iTechPost previously reported, Reddit recently launched a limited-edition avatar collection called “collectible avatars” hosted on the blockchain.
The introduction of the collectible avatars serves as the company’s first foray into the blockchain technology industry, marking the occasion by presenting an innovative take on non-fungible tokens (NFTs).
Collectible Avatars is a collection of limited edition avatars that were produced by independent artists working in collaboration with Reddit who are also considered Redditors themselves.
Purchasers of the avatars, just like any NFT, will be granted rights and appropriate licensing for the artwork, which they may freely use on and off Reddit.
By releasing these collectibles, Reddit hopes to give artists the ability to create their own NFTs, which they can then sell through the platform’s store as well as on secondary marketplaces.
With the release of the collectible avatars, Reddit stated that all proceeds from sales will go directly to the artists, and they will also receive royalties from secondary sales of the artwork.
Related article: Reddit releases blockchain-backed collectible avatars
