According to a new analysis posted by Reddit user u/Warfared, Reddit avatar nonfungible tokens, or NFTs, have seen erratic price performance in the past months. The analysis tracked 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 a last sale price of 6 Ether (ETH) and 5 ETH, respectively. The NFTs were airdropped to qualified users three months prior who had high amounts of karma points on the namesake social platform. Taken together, items in the aforementioned two collections have surpassed 100 ETH in cumulative trading volume.
However, not all individual collectibles or collections are witnessing similar levels of price craze. Four exhibits, Meme Team, Drip Squad, Aww Friends and The Singularity, currently have floor prices less than or equal to 0.01 ETH.
Reddit avatars are created by independent artists and are minted on the Polygon blockchain. OpenSea supports cross-chain operability, allowing them to be bridged onto Ethereum, Klaytn and Solana. Users can purchase such collectibles via Reddit's cryptocurrency wallet, Vault.
Interestingly, some users have reported that avatar NFTs are far less expensive to purchase 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 200 Moons to be bought while it costs only 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 on a monthly basis to their Vault. When users spend their moon, it is taken out of circulation completely. The token has a price of $0.11 a piece at the time of publication.