NFT Fans Reddit’s Non-Fungible Avatars on Opensea Marketplace Prices Heighten
The recently launched Reddit NFT avatars see a massive rise in prices on secondary sales in Opensea Marketplace after NFT maniacs go wild post-launch.
Reddit and Non-fungible Tokens
Earlier this year (July 2022), Reddit announced its plans to indulge in the booming NFT market during the crypto-NFT market crash to promote Reddit artists. The social news aggregation platform made this plan a reality in August 2022 by minting unique avatars in the largest NFT marketplace, Opensea.
With more than 52 million active users, the platform’s avatars skyrocketed within a short time, contrary to what the market expected after the announcement was made in July. Currently, the minted collectibles are already generating thousands of dollars in transactions as they continue to be more attractive to NFT enthusiasts, with prices ranging between $5 and $49.
The minted NFTs allow Reddit users to acquire various NFT avatars for their Reddit profile pictures by use of the ordinary Reddit wallet, Vault. The wallet incorporates the everyday bank payment transactions available to the public. Reddit users may purchase the avatars through Credit and Debit bank payment options.
Merits of The Avatars
The social platform claims that if interested parties purchase some of the limited edition avatars, they will gain exclusively licensed rights to use the NFTs within Reddit and outside the social platform. Interestingly, Reddit’s avatars can be mixed and matched to create even more unique NFT avatars that might be of higher value than the original ‘parent’ NFTs.
These avatars are developed by unconventional artists who mint them on markets such as Opensea through the Polygon blockchain network. Since Opeansea is an inter-blockchain marketplace, Reddit avatars have become popular with enterprising Reddit users.
From the avatar transaction costs, Reddit’s cut will be 5 percent of the total fees. This small fee will cover the gas and minting fees and support the Reddit creator program. The remaining amount will be credited to the artists who develop or mix-match the existing avatars to create unique, high-valued avatars. This concept will break the seemingly rigid virtual Reddit walls, making it an excellent social platform compared to its competitors.
Reddit’s initial announcement early this year portrayed that the main objective of the launch of avatars in the NFT space was to encourage Reddit artists to develop and trade NFTs through Reddit’s in-built store and other external Marketplaces such as Opeansea.
According to Reddit, the platform joining NFT markets will empower niche-oriented artists who frequently display their art on subreddits related to art like R/Comics. The idea may also serve as a grand welcome for artists posting their art on Reddit for the first time.
Tiny NFT collections are gradually seeing a potential increase in trading volumes that account for substantial gas fees in the polygon-breached sales due to the Reddit avatars. Because of the large number of Reddit users, the NFT Avatars may continue to increase in value as demand increases if the NFTs become a standard among Reddit users.