According to new analysis posted by Reddit user u/warfared, Reddit Avatar nonfungible tokens, or NFTs, have seen erratic price performance in recent months. The analysis followed the exchange of NFTs on the popular NFT trading platform OpenSea.io.
Among the top performers were the Fishy Foustling #1 and Mio Armor #1 NFT pieces, boasting final values of 6 Ether (ETH) and 5 ETH respectively. The NFTs were thrown three months ago to qualified users who had the highest amount of Karma points on the social platform. Taken together, the items in the above two sets exceeded 100 ETH in total transaction volume.
However, not all individual collections or collections are seeing the same price frenzy. Four exhibits, Meme Team, Drip Squad, Aww Friends and The Singularity, currently have a floor price of less than or equal to 0.01 ETH.
Reddit Avatars are created by independent artists and made on a polygon block. OpenSea supports cross-chain functionality, allowing you to bridge Ethereum, Klaytn, and Solana. Users can purchase such collections through Reddit’s cryptocurrency wallet, Vault.
Interestingly, some users have reported that Avatar NFTs purchased with fiat or regular crypto are worth much less than xMOON, native to the r/Cryptocurrency subreddit. For example, one user u/aroups wrote:
“If we want moons to be used for in-app purchases, Reddit needs to make them reflect the actual market price, not what they think is right. 500 Reddit coins cost only 2.49€ to buy when you buy 200 moons. With fiat. A 10.99€ NFT costs maybe 1000 xMOON ($110). “
Users earn xMOON by generating karma points and earning votes. The token has a maximum supply of 250 million and is released to Vault every month. When users spend their month, it will be completely removed from circulation. The token is worth $0.11 a piece at the time of publication.