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Popular social media platform, Reddit, recently launched NFT avatars that users can use on their profiles. These NFT avatars called "Collectible Avatars" were created by independent artists, and are minted on the Polygon blockchain.
Besides being able to display these avatars on their Reddit profiles, users can also sell these avatars for cryptocurrencies like Ethereum. Needless to say, some of them have made their way into the open market through NFT platforms like OpenSea.
Catch 'em while you can! Collectible Avatars are limited-edition creations designed by some of Reddit's most passionate artists. 💥
— Reddit (@Reddit) July 7, 2022
Sign up for early access by joining r/CollectibleAvatars: https://t.co/sxF1OOohvH #RedditCollectibles pic.twitter.com/XtwaDqNC4u
Some of these Reddit NFT collections have skyrocketed in value since their debut and have managed to enter into the Top 10 category for Polygon NFTs on Opensea. Two specific collections, The Senses x Reddit Collectible Avatars and Foustlings x Reddit Collectible Avatars, have made it into the top list for September.
The Fishy Foustling #1 and Mio Armor #1 NFT pieces were among the top performers, with final sale prices of 6 Ether (ETH) and 5 ETH, respectively. The combined trading volume of the items in the aforementioned two collections has surpassed 100 ETH.
This just happened. Congrats for creating history with x selling my Fishy Foustling design for 6 ETH. 🚀 🌙
— Tyler Foust (@TylerFoust13)
For context, at current market prices, 1 ETH is worth around INR 1,13,054. The Mio Armor NFT series was on sale on the Reddit store for less than INR 820. The return on investment on many of the NFT avatars has seen similar levels of increase. Users on Reddit, particularly from the subreddit r/avatartrading, have also speculated that the floor prices for these NFT avatars will only increase over time.
We are already seeing an increase in floor prices for other collections like The Butterfly Garden, for example, which crossed the 10 ETH mark for volume at the time of publication.
However, not all individual collectables or collections are experiencing the same level of success. The floor prices for four collections, Meme Team, Drip Squad, Aww Friends, and The Singularity, are currently less than or equal to 0.01 ETH. These four collections, however, are free NFT avatars that were airdropped to Reddit users and do not have the same limited mint numbers as the other collections mentioned above.