According to a new analysis posted by Reddit user u/Warfared, Reddit’s non-fungible Avatar or NFT tokens have shown uneven price performance in recent months. The analysis tracked the NFT exchange on the popular NFT trading platform OpenSea.io.
Among the best were Fishy Foustling #1 and Mio Armor #1 NFT, last sold for 6 Ether (
) and 5 ETH respectively. NFTs were sent out to eligible users three months earlier who had a large number of Karma Points on the social platform of the same name. Collectively, items from the two aforementioned collections have exceeded 100 ETH in combined trade volume.
However, not all individual collectibles or collections exhibit the same level of price frenzy. Four shows, Meme Team, Drip Squad, Aww Friends and The Singularity, currently have minimum prices less than or equal to 0.01 ETH.
Reddit avatars are created by independent artists and minted on the Polygon blockchain. OpenSea supports cross-chain, which allows you to connect them to Ethereum, Klaytn and Solana. Users can purchase such collectibles through Reddit Vault’s cryptocurrency wallet.
Interestingly, some users have reported that buying Avatar NFT with fiat or regular crypto is much cheaper than with xMOON, the native token of the r/Cryptocurrency subreddit. For example, a user u/arups wrote:
“If we want moons to be used for in-app purchases, Reddit needs to make sure the prices reflect the actual market price, not what they think they’re worth. 500 Reddit coins require the purchase of 200 moons, and the purchase costs only 2.49 euros . with fiat. A €10.99 NFT will probably cost 1000 xMOON ($110).”
Users earn xMOON by purchasing karma points for creating content and voting. The token has a maximum supply of 250 million and is issued monthly in their vault. When users spend the moon, it is completely removed from circulation. The token has a price of $0.11 each at the time of publication.