Reddit NFTs are experiencing volatile Price Tags

The top collectible recently sold for 6 ETH on OpenSea.

Karma points are earned by posting content and upvoting it to acquire xMOON. Each month, 250 million tokens are released to the Vault. When users spend their moon, it is removed from circulation completely. The token is priced at $0.11 at the time of writing.

According to the analysis posted by Reddit user u/Warfared, is a popular NFT trading platform, where NFTs were traded in the past months. NFTs are nonfungible tokens that match an account’s avatar. In other words, they are nonidentical tokens that maintain the same account name.

The Fishy Foustling 1 and Mio Armor 1 NFTs were among the most popular NFTs, with a combined last sale price of 6 Ether (ETH) and 5 ETH. The NFTs were airdropped to qualified users three months prior who had high karma points on the namesake social platform. The two items have accumulated over 100 ETH in combined transaction volume.

Despite the fact that there is a significant demand for collectibles, not all individual items or collections are experiencing the same degree of bubble pricing. Meme Team, Drip Squad, Aww Friends, and The Singularity are all on the market for less than 0.01 ETH.

Polygon avatars are minted on the Polygon blockchain and produced by independent artists. OpenSea supports cross-chain operability, allowing avatars to be bridged onto Ethereum, Klaytn, and Solana. Users can purchase avatars utilizing Reddit’s cryptocurrency wallet, Vault.

Some users have reported that Avatar NFTs are cheaper to purchase with fiat or regular cryptocurrencies than with xMOON, the native token of the r/Cryptocurrency subreddit. For example, 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 generate karma points through content generation and upvotes to acquire xMOON. The token has a maximum supply of 250 million and is released onto the Vault on a monthly basis. When users spend their moon, it is removed from circulation completely. The token costs $0.11 at the time of publication.