Insights from an analysis posted by Reddit user u/Warfared, Reddit Avatar non-fungible tokens (NFTs), saw unpredictable price movements in the past months. The analysis tracked the exchange of NFTs on the NFT trading platform OpenSea.io, as reported by Cointelegraph.
According to Cointelegraph, among the top performers were the Fishy Foustling and Mio Armor NFT pieces, who reportedly captured a last sale price of six Ether (ETH) and five ETH, respectively. Reportedly, the NFTs were airdropped to qualified users three months before for those who had high karma points on the social platform. Combined together, items in the aforementioned two collections have went beyond 100 ETH in cumulative trading volume.
On the basis of information by Cointelegraph, not all individual collectibles or collections have been witnessing similar levels of price trends. Four exhibits, Meme Team, Drip Squad, Aww Friends and The Singularity, currently have floor prices less than or equal to 0.01 ETH. Reddit Avatars are made by individual artists and minted on the Polygon blockchain. OpenSea provides support to cross-chain operability, permitting them to be bridged onto Ethereum, Klaytn and Solana. Furthermore, users can buy such collectibles through Reddit’s cryptocurrency wallet Vault. It’s been reported by certain users that Avatar NFTs are cheaper to purchase using fiat or regular cryptocurrency than with xMOON, the main token of the r/Cryptocurrency subreddit.
“If we want Moons to be used for in-app purchases, Reddit should make prices reflect the actual market price and not what they think they’re worth. 500 Reddit coins require 200 Moons to be bought while it costs only 2.49€ to buy with fiat. A 10.99€ NFT would probably cost 1000 xMOON ($110),” u/aroups, a user, stated.
Moreover, Cointelegraph noted that users get karma points through content generation and upvotes. Reportedly, the token carries a maximum supply amount of 250 million and is released on a monthly basis to their Vault. When users spend their Moon, it its removed from the circulation on a permanent basis. At the time of the publication’s writing, the token had a price of $0.11.
(With insights from Cointelegraph)