Reddit NFT avatars have garnered lots of traders' attention in recent weeks. The cute, stylized images have become the best-selling NFT collections. What's their secret?
Reddit NFT avatars have risen through the ranks from ordinary charming pictures to a rewarding investment project at a moment's notice. Just two months ago, Polygon-based collections had about 13 thousand fans. Now the number exceeds 2.9 million. The meteoric rise in sales began on Oct. 1 and continues today. The most expensive avatar created by pseudonymous artist poieeeeeeeee was sold for 18 ETH.
Source: OpenSea
Reddit is one of the newest social networks that support NFT. The upcoming release of collectible avatars on the Polygon PoS blockchain was announced back in July 2022. Reddit explained its blockchain choice by its low-cost transactions and strict commitment to sustainability.
The company emphasizes that NFT profile avatars can be bought at a fixed rate and without having a cryptocurrency wallet. The potential buyers shall have a debit or credit card. The avatars are suggested to be stored on a personal Reddit wallet.
Users buying avatars from limited edition NFT collections will get special benefits. They may mix and match their avatar images with merch available in the online avatar builder and use them off the platform.
Each NFT avatar is based on the platform's alien mascot known as Snoo. However, each avatar has its own notable visual style, as the images have been created by independent artists. The most valuable images that have gained popularity on social networks include The Senses, Spooky Season, and Foustlings collections.
Source: OpenSea
On Oct. 18, Reddit's chief product officer Pali Bhat said during a TechCrunch Disrupt conference that users have already created 3 million Reddit Vault wallets to collect and share NFT avatars.
According to redditfloor.com, more than 86,000 NFTs have already been sold. Their total market cap exceeds $123.7M with $736.3K in 24h sales volume press-time.
This success of Polygon-based NFT avatars also facilitated the positive dynamics of the MATIC token. According to coingecko.com, it went high from $0.7 to $0.9 between Oct. 16 and Oct. 28 and continues to trade at that rate.
Source: CoinGecko
