Reddit NFTs Price Soars to $5,000 Mark

Reddit NFTs Price Soars to $5,000 Mark
Reddit NFTs Price Soars to $5,000 Mark

The avatars in the form of NFTs from the social network Reddit sold for $5,000 (4 ETH), signaling a growing demand for the digital assets.

The Senses collection has so far proved to be the most profitable among Reddit’s collectible avatar non-fungible tokens (NFTs), according to the recent sale of a pair of them. NFTs The Hands #16 and The Hands #46 sold for 4 ETH – around $5,000 – each.

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The series, created by Reddit user Rojom as part of the Collectible Avatars Creator Program, currently has a minimum price of 0.93 ETH.

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‘This is wild’

A member of the Reddit community responded enthusiastically to news of the sale. “The hands just sold by the 4th like wtf lol,” said user Imalittlestitious86. “This is wild.” Noting the significant return on investment, the user considered whether these sales could rise to six figures.

Imalittlestitious86 also noted that another collection, Foustlings, looked set to grow and perhaps sell for similarly high prices. “The floor really skyrocketed this week with classic Foustlings selling for $400,” said the user, who also took a moment to acknowledge the importance of Reddit’s NFTs.

“Absolutely insane to think that before that, this sub[-Reddit] hated digital assets with a passion,” said Imalittlestitious86. “Reddit is changing hearts and minds with these digital doodles.”

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Reddit NFTs

A longtime cryptocurrency-friendly environment, having accepted cryptocurrencies for in-app purchases since 2013, Reddit also offers user avatars such as NFTs.

While the social network has collaborated with many independent artists to create over 90 designs, the total number of available NFTs runs into the tens of thousands. Those who buy them receive licensing rights, allowing them to also use the avatar outside of the platform.

Reddit offers several types of NFTs, including those made by independent creators, as well as CryptoSnoos, their signature collection of NFTs featuring their mascot Snoo. In its latest offering, Reddit gives away free NFTs via airdrop lots.

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Despite the unknown criteria for receiving one, Redditors who have achieved the highest stature on the platform are widely considered to be the recipients.

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The article is in Portuguese

Tags: Reddit NFTs Price Soars Mark

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