• Reddit Avatar NFTs Raise Concern as Prices Soar to $5,000

  • The sale of non-fungible token (NFT) avatars from the social network Reddit for $5,000 (4 ETH) may indicate that there is growing interest in digital assets.

    According to the recent sale of a pair of them, the Senses collection has so far proven to be the most profitable among Reddit’s Collectible Avatar NFTs. NFT avatars The Hands #16 and The Hands #46 were each sold for four ETH, or almost five thousand dollars.

    The series currently has a floor price of 0.93 ETH and was made by Reddit user Rojom as a part of the Collectible Avatars Creator Program.

    ‘This is wild’

    The announcement of the sale received a fervent response from one Reddit user. User Imalittlestitious86 commented, “The hands just sold for 4eth, like wtf lol.” “This is wild.” The user noted the high return on investment and wondered if these sales may reach six digits.

    Imalittlestitious86 also noticed that the Foustlings collection appeared to be poised to increase and might sell for comparable high prices. The user also took a minute to recognize the value of Reddit’s NFTs, saying, “The floor has really soared up this week with old Foustlings selling for $400.”

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

    Reddit NFTs

    Reddit, a community that has long supported cryptocurrencies and has allowed them for in-app purchases since 2013, also provides user avatars as NFTs.

    Although the social network worked with numerous freelance artists to generate over 90 designs, there are upwards of tens of thousands of NFTs available. When someone buys one, licensing rights are granted to them, allowing them to use the avatar outside of the site as well.

    NFTs come in a variety of varieties on Reddit, including those created by independent artists and the company’s own CryptoSnoos collection, which features the site’s mascot Snoo. Reddit has started airdropping free NFTs in batches as part of its most recent giveaway.

    Redditors with better reputations on the network are popularly believed to be the beneficiaries, despite the fact that the requirements for receiving one are unknown.

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