It seems that the most active portion of the community that inhabits Reddit has been quite active in terms of supporting the NFT recently released by the popular social network. The biggest news aggregator and the “front page” of the internet are quite bullish on cryptocurrencies in general with their CEO saying that he sees the future of the platform in the inevitable monetization system in which users can earn and reward other users without using any traditional forms of financial transactions.
Avatars are only the beginning
In a series of giveaways of NFT avatars on the platform, users managed to get them and started trading right away. While initial sales were rare and peaked at $800, the enthusiasm of users seems to be just growing as more and more people join the fun. It seems that the most popular forum does indeed have a big audience of loyal customers who are ready to support the cause.
It is hard to justify significant investments in any NFT project. While the initial hype was very high and many people wanted to get in, the crypto winter completely killed off the whole market and reduced transactions on many marketplaces to the bare minimum. However, companies like Binance continue pushing the concept and some huge corporations also announced that they will be introducing NFTs in their products.
Reddit is not the first company to do so, but it is probably the most prominent supporter of crypto in general. The platform already allows users to issue subreddit-based tokens and distribute them as rewards for various activities.
The recent sale of an avatar is indicative of high interest
One of the avatars was recently sold on opensea.io for $4K which is a large amount of money considering that the initial price is about $10. With a 3990% return on investment, it seems like a lucrative prospect for some speculators. The bottom price for Reddit avatars has been around $400 for a while now meaning that more people are willing to pay relatively high prices for NFTs issued on the biggest forum of the world.