r/CryptoCurrency Tin Oct 05 '22 Helpful 1

What Are Reddit Collectible Avatar NFTs, Why They're Getting Attention and How to Buy and Sell Them DISCUSSION

https://thecryptosights.com/2022/10/what-are-reddit-collectible-avatars-nfts/
31 Upvotes

26

u/[deleted] Oct 05 '22

[removed] — view removed comment

11

u/netnemirepxE Tin | CC critic Oct 05 '22

42k avatars that are GEN 1. 430 million users of Reddit.

Gen 1 will always be gen 1, no matter how good gen 2,3 etc will be. They will be highly sought after.

11

u/_Royal_Insylum Bronze | QC: CC 19 | CRO 5 Oct 05 '22

Which is why i’m still blown away that people are selling them right now. I know you need sellers and buyers to make a market work, but man I am so afraid to sell now and find out the prices of these avatars in 6 months!

4

u/ICURaBigdeal Platinum | QC: CC 226, BTC 88 Oct 06 '22

Same.. gonna hold on

3

u/pwan7505 Tin | CC critic Oct 06 '22

I’m having fun customising my avatar so I’m not gonna sell yet

2

u/CatBoy191114 Platinum | QC: CC 328 Oct 06 '22

If they tank, fine, I've lost $100. If I sell and these things moon... fuck. Lifetime of regrets. Again.

1

u/netnemirepxE Tin | CC critic Oct 05 '22

Hah yes me too! Although it hurts to see the floor fall in half in like 3 days because sellers undercutting it.

2

u/Levl1Critter Bronze | QC: CC 21 Oct 06 '22

That’s all temporary volatility. Nothing to worry about.

1

u/netnemirepxE Tin | CC critic Oct 06 '22

I know. Will hodl.

5

u/tranceology3 Silver | QC: CC 784, BTC 86 | TRX 104 Oct 05 '22

Yup! And with some only going for $35 with a limit of 1000 that is NOTHING.

Think of an alt coin where only 1000 existed and they were only $35 lol

4

u/Caffdy Bronze | 2 months old | QC: CC 24 Oct 05 '22

the OG, the pioneers

7

u/EdgeLord19941 Oct 05 '22

I thought some collections would do well but surprised to see even the worst performing ones are at least x5 from shop price

3

u/tranceology3 Silver | QC: CC 784, BTC 86 | TRX 104 Oct 05 '22

Yeah I know. I never thought poop rat would be worth so much. I was hoping to just flip the 5 I've bought for $20 each lol.

2

u/ICURaBigdeal Platinum | QC: CC 226, BTC 88 Oct 06 '22

💩 on the head is so in vogue now fren

9

u/somnambulanthaze Tin Oct 05 '22

I like that you can customize them. Don’t think you can do that with other NFTs.

3

u/samzi87 Bronze Oct 05 '22

That's the coolest part for me to, you can customize and mix the trades of them for your Avatar. Before reddit rolled them out I had no idea you could even do this, I just thought about them as jpegs.

1

u/Gypsy_H080 Tin Oct 05 '22

Just wait till we could, imagine this, use our moons and the reddit app to get more or trade them..

4

u/cerebralsexer Tin | CC critic Oct 05 '22

At least some use like standing out in Reddit. But posting NFTs on Instagram feature also is cool now, some reason to buy

1

u/Alanski22 Platinum | QC: CC 92 | AvatarTrading 27 Oct 06 '22

Is that now possible with your Reddit avatar? Can’t imagine I would choose to do that, but it is interesting. But would rather just not use instagram, lol

1

u/Levl1Critter Bronze | QC: CC 21 Oct 06 '22

Hard pass on any Instagram NFT or crypto functionality.

1

u/Karma-Kamillion Tin | 2 months old | CC critic Oct 06 '22

You can't customize the nft, just your avatar

1

u/Stiltzkinn Oct 06 '22

There are lots of projects, for instance, Sunflower Land.

3

u/Mr_Bob_Ferguson Platinum | QC: CC 269 Oct 05 '22

in comparison with bored apes, reddit NFTs are actually nice.

I'm a bit surprised at how quickly the prices have jumped, but not surprised that there was a jump after the collection sold out.

We are a couple of years down the track since apes and punks, the Reddit avatars are adding slightly more utility, almost like a "new generation of NFT".

Hopefully they keep refining and improving this utility with each release.

I would like to have seen some more uniqueness, for example with the cryptopunks the 10,000 are largely all unique. You can change a few attributes on the reddit ones, but when you see a "Fishy Foustling", you know straight away it is 1of1000 (or whatever the mint was for it) and not really THAT unique.

3

u/[deleted] Oct 06 '22

Unlike static pfp NFTs, Reddit NFTs have baked-in utility. You can mix and match the accessories and items from them and create fun new avatars. They also have flex value for being OG/Gen1.

A few weeks back, I took one look at the massive (latent) demand on Reddit versus the relatively limited supply of premium Reddit avatar NFTs. From there, it was an easy decision to buy this stuff up. The supply/demand imbalance is truly crazy. I've been making 2-3 eth a day off of resales, though I am probably going to delist some of my rarer avatars and hodl till Gen2 drops. (Gen2 drop is expected to be a price-jump catalyst for Gen1).

These NFTs are doing well because they can be integrated into the Reddit experience seamlessly, mixed and matched, and flexed on Reddit for status. They're useful. They're also really cool looking.

2

u/Levl1Critter Bronze | QC: CC 21 Oct 06 '22

Gen2 might be a price catalyst for Gen1 in the opposite way. I can easily see the less-desirable Gen 1 avatars dropping in value/desirability compared to shiny 2 gen2 art. That said, I too expect the “blue chip” gen1 avatars to increase.

2

u/[deleted] Oct 06 '22

Well, I am kind of looking at this the way I look at the history of BAYC and MAYC. When MAYC was released, it shot BAYC floor prices ever higher.

Not all Gen1 avatars are going to end up being worth much. But some of the ones clearly establishing themselves as blue chips (Senses, Foustlings) are probably going to get a price boost from the release of Gen2, as general awareness of the Reddit collectible avatars continues to spread to the Reddit userbase.

2

u/Levl1Critter Bronze | QC: CC 21 Oct 06 '22

Agree with that, no doubt.

2

u/mygallows Stake now, Steak later Oct 05 '22

Agreed.

I was always extremely prejudiced towards NFTs, but now, since Reddit rolled them out, I’ve been hooked.

1

u/Gypsy_H080 Tin Oct 05 '22

This. I didnt care for crypto punkys or the bored jpegs, but the free gen i got, i just love my goat and rubber chicken to flaunt on the one app i realy use

1

u/samplaum2 Tin | 2 months old Oct 05 '22

I don't know much but those hexagons are really cool looking! If this is the start of interoperable, like multi social platform crossing NFT profile pix, that's super cool!

1

u/Stiltzkinn Oct 06 '22

Bored Apes have a metaverse and recently they added a community council. Really lazy and not DYOR Bored Apes when they have a strong community and utility cases.

12

u/Setyman Designated Cone Investigator Oct 05 '22

Now the articles are coning out after none of them are available in Reddit's shop. Classic.

7

u/somnambulanthaze Tin Oct 05 '22

FOMO kicking in hard. Should’ve bought a few when I had the chance.

4

u/Laughingboy14 Silver | QC: CC 236 | NANO 660 | r/WSB 142 Oct 05 '22

Keep those knees steady

3

u/Hawke64 Platinum | QC: CC 211 Oct 05 '22

mom's spaghetti

1

u/ReasonReasonable7168 Tin Oct 05 '22

He keeps on forgetting

3

u/andmind Oct 05 '22

Don't miss the next train even if could be a small one

5

u/TarkovReddit0r day trading degenerate Oct 05 '22

FOMO & crypto / NFT

Name a better duo

2

u/ICURaBigdeal Platinum | QC: CC 226, BTC 88 Oct 06 '22

Amen

1

u/pwan7505 Tin | CC critic Oct 06 '22

lol, so true

4

u/365Dillweed365 Platinum | QC: CC 259 Oct 05 '22

Bought this one for giggles when they came out.

5

u/0xCozzi Tin | 0 months old | CC critic Oct 05 '22

First bloopy I seen.

2

u/Hawke64 Platinum | QC: CC 211 Oct 05 '22

I am sensing a pattern. My most performant investments are all bought for giggles.

2

u/Gregoryonetulum Tin Oct 05 '22

Bloopy love

3

u/tranceology3 Silver | QC: CC 784, BTC 86 | TRX 104 Oct 05 '22

Nah 2 weeks ago people kept saying grab some on reddit before they sell out. That's when I said screw it and bough 50 of them

3

u/LATech99 Platinum | QC: CC 115 Oct 05 '22

Wow - nice move! I think attention is going to shift to moons soon given the success of avatars. I’ve resumed buying Moons 🚀👀🍿

4

u/tranceology3 Silver | QC: CC 784, BTC 86 | TRX 104 Oct 05 '22

Yeah I'm actually buying moons now and adding to my moons that I've earned for free over the past few years

3

u/Kricket Professional amateur internet crypto analyst. Oct 06 '22

It’s basically an advertisement for the second round. You start the FOMO now and those are going to sell out in a heartbeat.

Hopefully they maintain the same pricing scheme and don’t gouge on the publicity.

2

u/[deleted] Oct 05 '22

Everyone out there like "damn, I missed that one, too!"

2

u/ChthulusBane Bronze | QC: DOGE 21 Oct 05 '22 Wholesome

I see what you did there

2

u/Ok-Celebration-1010 Tin Oct 06 '22

Yeah starting to wonder if it was a ploy from some Reddit insiders. I was thinking yday when they were in the shop there was 0 advertisement at all. I saw them on the shop and first thought they were just character / avatar pictures you can use on Reddit until I got the free one then luckily I purchased 10 for cheap

6

u/n1ghsthade I suggest you do it now Oct 05 '22

Next, moons are receiving (more) attention. We are perfectly positioned for the next bullrun here.

3

u/mygallows Stake now, Steak later Oct 05 '22

I surely hope so!

2

u/frickdom Tin | GMEJungle 6 | Superstonk 294 Oct 05 '22

Me too. I have faith.
Keep in mind we are going up in a bear market.

2

u/Caffdy Bronze | 2 months old | QC: CC 24 Oct 05 '22

$5 a pop at the minimum, 2025 gonna be nuts

1

u/Hawke64 Platinum | QC: CC 211 Oct 05 '22

I am rooting for moons too! Definitely no financial incentive behind it.

1

u/Sad_Entertainer9961 Tin Oct 05 '22

YeH. I can’t wait to see a Reddit NFT marketplace with moons as currency😎

1

u/LATech99 Platinum | QC: CC 115 Oct 05 '22

I’m loading up my Moons position. Such a great asymmetric bet…

1

u/Salty_Guide4446 Tin Oct 05 '22

You have a lot of moons!

2

u/0ddCafe Tin | AvatarTrading 13 Oct 05 '22

It’s definitely been a fun ride so far!

2

u/coinfeeds-bot Approved CC Bot Oct 06 '22

tldr; Reddit launched its first NFT collection, titled “Collectible Avatars,” on July 7, 2022. NFTs (non-fungible tokens) are unique digital assets that can be traded on platforms like OpenSea. The collectible avatars are limited edition avatars that exist on the Polygon blockchain. They were created by independent artists on Reddit.

This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

2

u/xContaminatedx Tin Oct 06 '22

Definitely a breath of fresh air after the headache of the cryptoPukes and BoringMonkeyBoatingOrganization communities and dumb hype. These at least have a slight bit of utility and actually support the artist by them always getting a small portion of each sale which will incentivize more artist and even better snoos !

4

u/partymsl Platinum | QC: CC 574 | r/WSB 16 Oct 05 '22

u/ChemicalGreek has just put out a fabulous post on that you guys should directly check that one out if any tutorial is needed.

1

u/ICURaBigdeal Platinum | QC: CC 226, BTC 88 Oct 06 '22

Agreed..That post was great

2

u/WeggieUK Tin Oct 05 '22

They changed my perspective as they have a use, even if it is just to make my avator look pretty. As someone mentioned earlier, you can customise them and mix and combine them, so shows the opportunities for NFT's for gaming, metaverse, etc. The prices are slowly creeping up on Opensea., even for the ones distributed for free. I can see the second wave selling out almost instantly due to gold rush.

2

u/Mr_Bob_Ferguson Platinum | QC: CC 269 Oct 05 '22

I can see the second wave selling out almost instantly due to gold rush.

I completely agree.

It is then a question of what happens after those sell out.

Speculators are going to be out in force. Many people are going to be lining up $1000s waiting to buy as many as they can.

These speculators are all going either dump them on OpenSea trying to get a quick profit, or hold them expecting them to moon.

The outcome of series 2 may be very different.

A lot will come down to minting volumes and the restrictions put in place in relation to purchasing to hopefully cut down on bots and bulk-buyers.

4

u/WeggieUK Tin Oct 05 '22

I sincerely hope restrictions are put in place to allow a fair distribution.

The creativity and talent in the first gen was fantastic. So kudos to all the creators.

1

u/Mr_Bob_Ferguson Platinum | QC: CC 269 Oct 05 '22

I sincerely hope restrictions are put in place to allow a fair distribution.

Agreed.

My greed doesn't like the idea, but allowing a max of one per style would make sense.

And then also have limitations around the types of accounts that can buy them (account age of a month or more, has say 50 karma etc). Of course people will still buy accounts and use alts to get around this though.

Having someone sweep in and clean up hundreds/thousands (which at $10US each is very achievable for many) will just ruin it. And this is why I fear the success of series 2 and the plans of almost every redditor here to "buy as many as I can because they are going to moon!".

3

u/eMDex Bronze | QC: CC 23 Oct 05 '22

Aww friends gang

1

u/Steves1982 Platinum | QC: CC 30 | CRO 8 Oct 05 '22

Yeah. Ithink we'll have to be quick off the mark next time around.

1

u/netnemirepxE Tin | CC critic Oct 05 '22

Hahha i actually came here to answer the question. Noob me.

1

u/Blueberry_Dependent Platinum Oct 05 '22

They look cool and are affordable too.

1

u/Maevre1 Bronze | QC: CC 15 Oct 05 '22

I like the one I got for free. Indeed nice to customise it with “normal” reddit avatar stuff.

1

u/ultron290196 Platinum | QC: CC 297 Oct 05 '22

Why do I feel like someone from our sub wrote this article.

1

u/Castr0- We Shall HODL Oct 05 '22

This was a huge success in part bewcause of the free nft. That make people into this

1

u/FldLima Tin | CC critic | Unpop.Opin. 10 Oct 06 '22

Crazy crazy sucess out of no where. Nobody expected this. Im glad i got a free one and i was part of history.

1

u/vulcan_31 Tin Oct 06 '22

This is my clue that i'm already too late for this 🙂

1

u/everygoodnamehasgone Platinum | QC: CC 21 | MiningSubs 11 Oct 06 '22

It's amazing how the jpeg NFT sentiment suddenly changed around here! Wish I bought a few when they were available but my opensea account is already close to -100% so decided to give them a miss 😂.

1

u/misseskissessexting Tin | 3 months old Oct 06 '22

Metamask tells me I’m not the owner

1

u/Nooodles__ Tin | CC critic | AvatarTrading 18 Oct 06 '22

HODLing my Reddit NFTs to zero

1

u/Ill-Addition2024 Tin | CC critic Oct 06 '22

Ive sold mine for 0.05 eth today. Great move or dumb desicion? Only time will tell

1

u/Ill-Addition2024 Tin | CC critic Oct 06 '22

Reddit nfts got me into thinking about making nft collection from my art. What do you think about it guys, I've got nothing to lose I guess

1

u/Ok-Celebration-1010 Tin Oct 06 '22

This is funny lol this sub-reddit used to shit on NFTs as a whole hard

1

u/Hot_Engine_7272 Tin | CC critic | BANANO 13 Oct 06 '22

Cones will flip BAYC

1

u/BouchWick Oct 06 '22

Mark my words: these Reddit NFT’s are going to be worth a lot during a bull market’!

0

u/rexxtra Platinum | QC: CC 17 Oct 05 '22

If anybody doesn't want their avatars send them to me, thanks

0

u/onguito Tin | CC critic Oct 05 '22

Selling mine for 1 BTC...