Elain Brown Tech 09.07.2022 01:Sep AM EDT

Reddit’s NFT-Like Avatars are Now Selling Premium in OpenSea

Reddit's NFT-like avatars are selling at a premium price in OpenSea's secondary sales.

Reddit Collectible Avatars are recently released custom avatars launched by the platform in collaboration with its artists back in July.

In its secondary sales on OpenSea, one of the most popular platforms that hosts NFTs buying and selling, the prices of these exclusive avatars have increased drastically.

Reddit NFT Avatars in OpenSea

Reddit entered the world of NFTs with their recent release of limited edition avatars in July 2022.

After their announcements, the avatars were made accessible to users in the month of August. The artists have also seen the prices of their artworks increase in sales worth thousands of dollars.

After their announcements, the avatars were made accessible to users in the month of August. The artists have also seen the prices of their artworks increase in sales, worth thousands of dollars.

According to Crypto News, recent Reddit blockchain-based avatars are selling well on OpenSea, surpassing the performance of the platform's proprietary store.

Contrary to what the business anticipated in July, the platform's avatars skyrocketed within a short amount of time.

According to Crypto News, the sales of recently launched Reddit blockchain-based avatars are rising on the NFT marketplace OpenSea, outperforming the platform's proprietary store.

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.

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 support across Ethereum, Polygon, Klaytn, and Solana blockchains, Reddit NFTs are now being sold at a premium price.

When Reddit initially introduced its collectible avatars, the price range of 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.

However, today, the costs associated with purchasing these avatars on OpenSea have multiplied significantly.

As an example, The Senses x Reddit Collectible Avatars collection in OpenSea has a listing named "The Hands #22," which is now priced at ETH 10, which is approximately $15,059.20 as of writing.

Reddit's Collectible Avatars

Reddit is a social media platform that helps nurture communities. It is an open forum platform that is known for giving anonymity to its users. Reddit has a default feature of providing its users with a plethora of avatars they can choose from, and these avatars serve as a profile picture.

As iTechPost previously reported, Reddit recently rolled out a limited edition avatar collection called "collectible avatars" that is hosted on the blockchain.

The introduction of the collectible avatars serves as the company's first venture into the industry of blockchain technology, marking the occasion by presenting an innovative take on non-fungible tokens (NFTs).

Collectible Avatars are a collection of limited-edition avatars that were produced by independent artists working in collaboration with Reddit who are also considered Redditors themselves.

Buyers of the avatars, just like any NFT, will be granted rights and the appropriate licensing for the artworks, which they can freely use on and off Reddit.

By releasing these collectibles, Reddit hopes to provide artists the ability to make 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 the proceeds of the sale will go directly to the artists, and they will also receive royalties from secondary sales of the artworks.