Earlier today, a Reddit avatar was sold for a collection high of over $5,000
The collection was initially offered in July of 2022 at a price of $5-$50.
The social media giant-issued avatars are hosted on the Polygon blockchain. The primary utility of the digital assets are to be used as Avatars on the platform. Furthermore, the avatars can be easily customized in the app, offering further utility.
In response to the sale, popular Reddit community r/cryptocurrency offered mixed sentiment with some users suggesting an incoming breakout in popularity and price while others suggested potential market manipulation via wash sale.
Since launching the collection, a subreddit focused on the collection, r/CollectibleAvatars has been launched and built a sizable community of over 11,000 members.
The news marks an interesting development in a relatively cooled NFT market and is a source of hope for popular brands who launched collections into poor reception earlier this year.