Reddit Avatar NFTs Raise Eyebrows as They Rocket to $5K
Non-fungible token (NFT) avatars from social network Reddit have sold for $5,000 (4 ETH), potentially signaling a rising demand for the digital assets.
The Senses collection has so far proven to be the most lucrative among Reddit’s Collectible Avatar NFTs, according to the recent sale of a pair of them. Avatars NFTs The Hands #16 and The Hands #46 each sold for 4 ETH, or roughly $5,000.
The series, created by Reddit user Rojom as a part of the Collectible Avatars Creator Program, currently has a floor price of 0.93 ETH.
‘This is wild’
One member of the Reddit community responded enthusiastically to the news of the sale. “The hands just sold for 4eth, like wtf lol,” said user Imalittlestitious86. “This is wild.” Remarking on the significant return on investment, the user considered whether these sales might rise to six figures.
Imalittlestitious86 also observed that another collection, the Foustlings, seemed primed to rise and perhaps sell for similarly high amounts. “The floor has really shot up this week with classic Foustlings selling for 400 bucks,” the user said, who also took a moment to acknowledge the significance of Reddit’s NFTs.
“Absolutely insane to think that before these, this sub[-Reddit] hated digital assets with a passion,” Imalittlestitious86 said. “Reddit out here changing hearts and minds with those digital doodles.”
A longtime crypto-friendly environment, having accepted cryptocurrency for in-app purchases since 2013, Reddit also offers user avatars as NFTs.
While the social network collaborated with many independent artists to create over 90 designs, the total number of NFTs available number upwards of tens of thousands. Those who purchase them are given licensing rights, enabling them to use the avatar off the platform as well.
Reddit offers several types of NFTs, including those made by independent creators, as well as CryptoSnoos, its signature collection of NFTs featuring its mascot Snoo. With its most recent offering, Reddit has been giving away free NFTs, distributed via batches of airdrops.
Despite the criteria being unknown for receiving one, Redditors who have garnered higher stature on the platform are widely assumed to be the recipients.