This is Karma: You’ll be surprised to find out how Reddit NFT Avatar market is doing two months after its launch

Two months ago, the popular online service Reddit launched a marketplace of collectible avatars in the form of non-fungible tokens (NFTs) on the Polygon blockchain. The site, with many forums and online communities within the project, works with independent artists. They create unique avatars and collections that Reddit users can buy and customize. By purchasing a collectible avatar, the owner cannot only use it for its intended purpose but also exchange it or sell it. At launch, avatars were available starting at $9.99 to $99.99. Reddit charges only 5% of the amount, with the rest going to the creator.

There was nothing cardinally new in the idea of such an NTF avatar store. On the other hand, most of the service’s users are nerds. We decided to check out the marketplace and were surprised. The project seems to be doing quite surprisingly well. There’s even a whole thread on the Reddit forum devoted to NFT avatars.

For example, the user under the nickname SandersIncBV managed to praise the new store on several counts:

• Simple process. You can buy and withdraw to a profile in a few seconds and clicks. NFTs can also be sent directly to another vault, alt account, or third-party wallet.
• Many variations and combinations are possible when customizing the avatar’s appearance.
• This is the best and easiest way to get started with NFT. Don’t forget to open your vault first.
• Prices are already going up. Some $10 avatars are already selling for much more. And all this is during a bear market.
• There are still available NFT avatars priced between $9.99 and $50. However, some Reddit NFTs from the first generation cost upwards of $2,000.

“At first, I didn’t see my avatar as a purchased art piece. I just thought it would be a cool avatar. Suppose you’re not familiar with the art. In that case, artists will create a limited number of reproductions of one of their works, each reproduction with a serial number such as #22 out of 100, and they will never create more than that, which gives the value of the limited edition. Lower numbers are more desirable, as a number with patterns or known combinations, and also the very last one in the set, but in a set with only a small limited amount, they are all quite rare. To summarize, these collectible avatars are actual limited edition art pieces made by actual professional artists, released on a platform that generously gives back to the creators. That sold me. These avatars are tied to Reddit (maybe in the future, they could be synced to other platforms such as Twitter?). Still, many people don’t realize that Reddit is currently the 18th most visited website in the world and the 13th most visited in the USA430 million active users in 2020.,” typed another user who goes by gdj11.

Some Reddit users don’t like the idea of NFT avatars because there are too many of them. It makes them less valuable (we’re not talking about legendary and rare ones).

NFT avatars on Reddit for free?! But how?

Any community member can get such a surprise, but certain criteria exist. For example, the user must have contributed significantly to the popular online discussion platform. Those eligible for free collectible Reddit avatars will see a pop-up message in their feed. The most deserving are determined by Reddit Karma, a system in which members are rewarded for active participation on the platform. Users can earn karma points on Reddit by creating posts, commenting, voting for or against other people’s content, etc.

Since August 24, lucky readers have been posting images of their free Reddit avatars. They got NFTs from four collections: Meme Team, Aww Friends, Drip Squad, and The Singularity. They are also available on OpenSea, and the price for some ranges from $15 to $42.

You can also make crypto on Reddit

In December 2019, the first ERC20 token, originally linked to a Reddit subreddit called DONUT, was born. This was the first official link between Reddit and the Ethereum infrastructure. Reddit periodically distributed DONUT tokens based on Reddit Karma. Because of scaling issues and high gas costs, Moons and Bricks appeared. Both are ERC20 tokensA token standard that allows developers to create interchangeable tokens for their Etherium-based applications or protocols.. But they are on the Rinkeby test network and run on the XDai side chain (it’s more centralized, but the fees are lower).

At first, users could request and tag their favorite content authors with moons without paying a gas fee, but after moving to the main network, they have to shell out the extra charges.

Moons depend on Karma earned: the ratio is about 0.6–0.8 Moons per 1 Karma. The total number of moons is limited to 250 million. They can be obtained by opening a vault in the official Reddit app.

Reddit Moons can be sold, stored, stared at, and given to other users. The cryptocurrency Moons (xMOON) is currently trading at $0.11. Although at the peak of cryptocurrency’s heyday last year, the price reached $0.28.

“Think about that, you take a few minutes every day to participate in discussions with other crypto degenerates, have a few laughs, learn a few tricks, and at the end of the month, you’re rewarded with crypto that you can sell or accumulate until the markets start to show signs of life again. Some users have been able to earn hundreds of thousands of moons since the inception of this program,” Michael D wrote on his blog.