Reddit’s launch of limited edition NFT avatars has led to a large premium on secondary sales on OpenSea.
Sales of recently launched Reddit blockchain-based avatars are rising on nonfungible token (NFT) marketplace OpenSea, outperforming the platform’s proprietary store.
Reddit, the “front page” of the internet, plugged into the burgeoning world of NFTs with the announcement of collectible avatars in July 2022. The avatars became available to users in August and are already generating thousands of dollars in sales for artists.
Reddit users are able to purchase a variety of avatars for their profiles using Vault, Reddit’s cryptocurrency wallet, with credit and debit cards accepted to make payments for the blockchain-based NFTs.
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 on the popular NFT marketplace.
NFTs currently available for purchase on the Reddit Avatar store page range from $5 to $49, while NFTs that were listed for $50 or more are now sold out. These more expensive avatars are still available on OpenSea, albeit for price ranges significantly higher than their original listings on Reddit.
Two specific collections,The Senses x Reddit Collectible Avatars and Foustlings x Reddit Collectible Avatars, are prominent Reddit Avatar compilations that are featured on OpenSea.
Around 1,300 The Senses NFTs are listed on the marketplace and have generated a total of 15 Ether (ETH) on Polygon, or $25,000, in sales since Aug. 20. The Mouths #12 is the most expensive NFT sold in the collection to date, sold for 1.377 Polygon-bridged ETH ($333) on Sept. 3.
There are some 1,800 Foustlings NFTs listed on OpenSea with sales volume totaling 9.6 Polygon-bridged ETH at the time of writing. Rainbow Foustling #373 fetched 0.348 Polygon-bridged ETH ($577) on Sept. 4 and currently ranks as the most expensive NFT sold from the specific collection.
The Natsukashii, Celestial Assembly and Wearing Your Emotions collections are slowly seeing trading action, accounting for 3.7 ETH, 2.4 ETH and 1.5 ETH in Polygon-bridged sales respectively.
Reddit’s initial NFT announcement indicated that the launch of avatars would primarily empower artists to create and sell NFTs through its store and on secondary marketplaces.