Reddit NFTs are getting noticed by crypto whales

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Reddit

Reddit has introduced millions of its users to NFTs.

Collectible Avatars are Reddit profile avatars that are stored on Ethereum’s layer 2 Polygon network.

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NFT investors on the lookout for potential trends have begun buying the most sought-after Reddit Collectible Avatars from Opensea.

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Reddit Collectible Avatars

Collectible Avatars can be used as profile pictures for Reddit profiles. Reddit users can create and customise their own avatars and mint them as an NFT. The Collectible Avatar Creator Collection consists of unique avatars made by artists in partnership with Reddit.

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Instead of interacting with NFT marketplaces or DeFi platforms, Reddit encourages their users to purchase Collectible Avatars from Reddit’s Collectible Avatar Shop using a debit or credit card.

When users create their own avatars, Reddit asks their users to keep their avatars in a vault. By creating a vault for an avatar, users are opening their own crypto wallets through Ethereum’s blockchain.

From Reddit:

When your Vault is created, you will receive a public address and will need to secure your Vault. The public address is your address on Ethereum-compatible blockchains, where your Collectible Avatars are stored and that only you control.
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As of October 2022, over 3 million crypto wallets have been created since the launch of Reddit Collectible Avatars.

NFT traders are investing in Reddit NFTs

The most sought-after Collectible Avatars are being picked up by crypto and NFT investors looking for trends in the market.

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The floor for The Senses x Reddit Collectible Avatars, one of the most popular collections in Reddit’s Collectible Avatar Creator Collection, is currently sitting at 1.7 ETH ($2,320). Some of the more unique NFTs in the same collection have gone for 2.789 ETH (currently $3,803) and 3 ETH ($4,000).

Reddit has received praise for making its NFT onboarding process straightforward and easily accessible.

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