According to new analysis posted by Reddit user u/Warfared, Reddit Avatar Non-Fungible Tokens, or NFTs, have seen erratic price performance over the past few months. The analysis tracked NFT trading on the popular OpenSea.io NFT trading platform.
Among the top performers were Fishy Foustling #1 and Mio Armor #1 NFT coins, with a last sale price of 6 Ether (ETH) and 5 ETH, respectively. NFTs were dropped three months prior to skilled users who had high karma point counts on the social platform of the same name. Taken together, items from the two aforementioned collections exceeded 100 ETH in cumulative trading volume.
However, not all individual collectibles or collections experience similar levels of price craze. Four exhibits, Meme Team, Drip Squad, Aww Friends, and The Singularity, currently have floor prices at or below 0.01 ETH.
Reddit avatars are created by independent artists and are created on the Polygon blockchain. OpenSea supports cross-chain operability, allowing them to link to Ethereum, Klaytn, and Solana. Users can purchase these collectibles through Reddit’s cryptocurrency wallet, Vault.
Interestingly, some users have reported that Avatar NFTs are much cheaper to buy via fiat or regular crypto than with xMOON, the native token of the r/Cryptocurrency subreddit. For example, one user, u/aroups, wrote:
“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 the purchase of 200 moons while it only costs €2.49 to buy with fiat. A €10.99 NFT would probably cost 1000 xMOON ($110).”
Users receive xMOON by acquiring karma points through content generation and upvotes. The token has a maximum supply of 250 million and is released monthly to their vault. When users pass their moon, it is completely removed from circulation. The token has a price of $0.11 each at press time.