Reddit has recorded an increase in the sales of its blockchain-based avatars on OpenSea. It has outperformed Reddit’s proprietary store.
Reddit stepped into the world of NFTs in July 2022 with the launch of the collectible avatars which became available to users in August. Since then, the avatars have been generating thousands of dollars in sales for artists. Users can purchase a range of avatars for their profiles using Vault – Reddit’s cryptocurrency wallet. They can buy the collectibles with credit and debit cards for the NFTs.
Reddit’s digital collectibles are created by independent artists. The NFTs are minted on purchase on the Polygon blockchain. OpenSea also features cross-blockchain support for Ethereum, Polygon, Klaytn and Solana blockchains. The marketplace sells Reddit non-fungible tokens at a premium ranging from $5 to $49, while NFTs that were listed for $50 or more are sold out. However, the more expensive avatars are still available on OpenSea.
The Senses x Reddit Collectible Avatars and Foustlings x Reddit Collectible Avatars have proved to be prominent Reddit Avatar compilations featured on OpenSea. Data shows that 1,300 The Senses NFTs are listed on the marketplace. It generated a total of 15 Ether (ETH) – $25,000 in sales since August 20. The Mouths #12 is regarded as the most expensive NFT sold in the collection. It has sold for 1.377 Polygon-bridged ETH on September 3.