Reddit NFTs selling for Thousands on OpenSea

Reddit took a big step towards embracing crypto and blockchain tech by releasing a collection of limited edition NFT avatars last month. This marks a shift in market sentiment surrounding overpriced Jpegs and can perhaps help usher NFTs into mainstream adoption. Anyone who’s been involved with crypto has surely heard of Crypto Punks or BAYC NFTs that sell for hundreds of thousands of dollars, in a bear market compounded by a global recession no less.

At their height, these luxury monkey pictures were selling for millions of dollars and saw many well known celebrities flexing their prized digital apes across social media. This caused many over social media platforms to ridicule and mock these outlandish purchases and who can blame them? Most Americans can barely afford to fill up their gas tank let alone drop a house payment on a Jpeg of a monkey wearing a hat. Oops, I’m sorry, an ape wearing a hat.

Enter Reddit Collectible Avatars. A newly released collection of NFTs drawn by community artists and released to the public in an affordable and easy to purchase format. You don’t need an engineering degree to buy these NFTs unlike some of the other blockchains that require multiple steps just to move assets from one account to another and you don’t need to take out a second mortgage to afford one…yet. The ease in which you can mint these Reddit NFTs is huge in efforts to push crypto to the masses.

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Reddit Avatars Sell for Thousands on Open Sea Days After Selling Out

The real story here is just how valuable these Reddit NFTs have become on the secondary market. When you purchase a collectible avatar it’s minted on the Polygon blockchain as an NFT (Non Fungible Token). This means that ownership of that digital asset is entirely yours and can’t be copied, stolen, or plagiarized and you’re free to do with it what you like since you are the owner of the meta-data that accompanies it when it’s minted. You can either use this avatar on the Reddit platform as your profile picture, you can mix and match one NFT with other NFTs to create unique outfits and styles or you can transfer your NFTs to a third party hot wallet like Meta-Mask and list it for sale on a secondary marketplace.

Initially, Reddit released three NFT avatars per collection for a price point of $10 (limited to 1000), $30 – $60 (limited to 600), and $100+ (limited to 100 or 150). Currently, some of those early edition avatars that sold out are fetching over 1.33 eth ($2,000) on OpenSea (the most popular NFT marketplace). This is good for a little over 20x the initial investment in just a few days. That kind of profit is hard to ignore and makes you wonder just how high these prices can go when the markets are healthy and running on green hopium. Of course, there is the risk that hype will die down or the market will become saturated and prices will tank but this is crypto and gambling is almost inherently apart of it. Never spend more than you’re willing to lose.

Popular Reddit NFT Collections

The Genesis release of Reddit NFT avatars saw 29 collections with 3 NFTs per collection. Of course, some collections were more desirable and sold out quicker than others but that doesn’t mean that it’s too late. There are currently quite a few collections still in stock that could easily appreciate over time. When you factor in the low cost to mint and the potential profit that can made, it begins to look like one of the safer NFT investments out there at the moment. Never overextend yourself financially and always invest only what you are comfortable losing.

Currently, The Senses Collection has seen the most big ticket sales with over 8.1 eth in total volume. That’s insane when you think about the fact that some of the NFTs from that collection only cost $10 before they sold out.

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Another collection rising in popularity is the Foustlings created by Tyler Foustling which is slowly closing the gap between The Senses with 7.2 eth in total volume and could prove to be the most desirable NFT collection in the long run. The prices of the NFTs in this collection have been rising steadily and the price floor now sits at $230 US dollars. That’s an appreciation of over 23x in a very short time, not too shabby!

There are still plenty of collections in stock that haven’t sold out yet and while it’s not guaranteed they will see the level of success some of the other collections have reached it’s s fairly low risk investment with some serious upside. If you’re interested in getting your hands on a Reddit collectible NFT you can purchase them by clicking on “style avatar” on your profile menu within the Reddit app and navigating to the shop.

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Use Reddit NFTs to Create Unique One-of-a-Kind Avatars

The real genius behind the Reddit NFT avatars is the utility baked into them. When you purchase an avatar you have the ability to take characteristics of one avatar and combine them with the characteristics of another avatar to create unique one of a kind looks and styles to stand out from the crowd.

Each avatar has a unique set of styles that can be added one by one to build a unique looking avatar. Mix and match your favorites and build one that represents your own unique taste and style.

The Monetization of Karma and Up-votes

Get paid for popular comments and participation on Reddit! The much less talked about blockchain feature that Reddit has introduced is the ability for subreddits to create their own blockchain token. The most popular iteration of this is Reddit Moons that can be earned by posting and commenting on the r/cryptocurrency sub-reddit. Currently, Reddit Moons trade for just under 10 cents but saw highs of almost 30 cents during last years bull run. Each upvote a comment or post receives can earn you roughly 0.5 – 2 Reddit moons. Think about that, taking the time to participate in threads and discussions daily could earn you thousands of Reddit Moons that could very well be worth thousands of dollars come the next bull run.