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Reddit Avatar NFTs are witnessing volatile price tags

Reddit Avatar NFTs are witnessing volatile price tags

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According to a new analysis published by Reddit user u/Warfared, Reddit Avatar nonfungible tokens, or NFTs, have seen uneven price performance in recent months. The analysis tracked NFT trading on the popular NFT trading platform OpenSea.io.

Among the top performers were Fishy Foustling #1 and Mio Armor #1 NFTs, with last sale prices of 6 Ether (ETH) and 5 ETH respectively. NFTs were distributed three months earlier to qualified users with large amounts of karma points on the social platform of the same name. Together, the products of the above two collections have exceeded 100 ETH in cumulative trading.

However, not all individual collectibles or collections are witnessing the same price frenzy. Four shows, Meme Team, Drip Squad, Aww Friends, and The Singularity, currently have a base price of no more than 0.01 ETH.

Reddit Avatars are created by independent artists and minted on the Polygon blockchain. OpenSea supports cross-chain interoperability, allowing them to connect to Ethereum, Klaytn, and Solana. Users can purchase such collectibles through Reddit’s cryptocurrency wallet, Vault.

Interestingly, some users have reported that Avatar NFTs are much cheaper to buy with Fiat or regular crypto than with xMOON, the original ID 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 the prices reflect the actual market price and not what they think they’re worth. 500 Reddit coins will buy 200 Moons, while buying with Fiat only costs €2.49. 10.99 € NFT would probably cost 1000 xMOON ($110).

Users earn xMOON by earning karma points through content creation and upvotes. The token has a maximum supply of 250 million and is released monthly into their Vault. When users spend their month, it is completely removed from traffic. The price of the token at the time of publication is $0.11 each.