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Reddit Avatars Explained: Why Are These NFTs Soaring in Value?

Reddit Avatars Explained: Why Are These NFTs Soaring in Value?

Key Takeaways

  • Reddit Collectible Avatars have taken the social media site by storm.
  • By never mentioning NFTs or even cryptocurrency explicitly, Reddit has managed to onboard millions of users.
  • Reddit seems to have struck upon a winning formula that will likely draw the attention of others.

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While some Reddit Collectible Avatars were available for purchase when the NFTs launched in July, many have also been distributed for free to the social media site’s most active users. 

What Are Reddit Collectible Avatars?

NFTs are reaching a new audience—this time through Reddit. 

The social media giant’s Reddit Collectible Avatars collections have stolen the crypto spotlight this week, racking up a combined $2.2 million in trading volume on the leading NFT marketplace OpenSea over the past 24 hours. 

After an initial release earlier this year in July, the avatar NFTs received little attention from Reddit users or the wider crypto community. However, in recent weeks, many active Reddit users started receiving collectible avatars for free. This, combined with several recently released Halloween-themed collections, has helped interest in the avatars grow. 

Minted on the Polygon blockchain, each Reddit Collectible Avatar can be used on the social media site as a user’s profile picture. Avatars also provide additional boons, such as the ability to mix and match clothing with other avatars and a glow effect on users’ comments. 

While some Reddit avatar collections, such as “The Singularity,” have supplies in the millions, others are more scarce. This has led to sought-after avatars soaring in value as interest in the NFTs jumped this week. Currently, the highest-valued avatars appear to be from the Sys32Template “Spooky Season” collection. Examples from this small group of 210 NFTs have risen to a floor price of 2.8 ETH—approximately $3,700. 

Spooky Season: Sys32Template x Reddit Collectible Avatars. (Source: OpenSea)

Another Spooky Season collection by poieeeyee currently holds the top spot for the most traded NFT collection on OpenSea over the past day. Since its launch on October 24, the 1,800 NFT-strong poieeeyee collection has hit a trading volume of over $1 million. However, it’s not just these Halloween-themed examples that are seeing success. The Foustlings collection, part of the initial Reddit Avatar series released in July, has more than quintupled in value this week. On October 22, a Foustlings avatar would…

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