How Reddit’s NFT Avatars Stayed Hot In the Midst Of a Crypto Winter – Jing Culture & Crypto

How Reddit’s NFT Avatars Stayed Hot In the Midst Of a Crypto Winter Eri Kostina | Nov 01, 2022 | Time Saved: 2 mins

Last week, trading volume on Reddit’s NFT avatar collection exploded on Polygon. About a week later, trading volume surged on Polygon, with “Midas Touch #100” from Reddit user poieeeyee’s Spooky Season collection taking the cake for the most expensive NFT at 1,000 ETH ($1.6 million). Three things are integral to the success of the Snoo NFTs. In July, when Reddit launched its NFT platform, many users noted how unusual it was that the plaform “went out of its way to not describe these avatars as NFTs.” Secondly, users have never needed to use cryptocurrency to purchase avatars, and all collectibles were sold at a fixed price, unlike regular NFTs, whose price changes with the market. Other marketplaces could learn a thing or two.

Love them or hate them, money makers.