{"id":255986,"date":"2022-09-07T02:30:06","date_gmt":"2022-09-06T21:00:06","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=255986"},"modified":"2022-09-06T20:14:27","modified_gmt":"2022-09-06T14:44:27","slug":"nft-market-has-a-savior-and-no-its-not-apes-or-birds-this-time","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/nft-market-has-a-savior-and-no-its-not-apes-or-birds-this-time\/","title":{"rendered":"NFT market has a savior, and no it’s not ‘Apes’ or ‘Birds’ this time"},"content":{"rendered":"

The last few weeks have not only been a tough time for the crypto market, but also for the NFT market as a whole. With sales and floor prices plummeting to new lows, some of the best-performing NFT groups were at their lowest.<\/p>\n

A sad sob story here?<\/h3>\n

In a strange turn of events, that doesn’t seem to be the case with the Reddit limited edition NFTs. Reddit’s NFTs are being sold across various marketplaces, such as OpenSea at a profit. People are purchasing these NFTs featuring the Reddit avatars.<\/p>\n

Reddit marked its NFT debut with the announcement of <\/span>CryptoSnoos<\/span><\/a> in February 2022.<\/span> Four months later, in July, Reddit came <\/span>out<\/span><\/a> with the blockchain-backed \u201ccollectible avatars\u201d which were minted on the Polygon Network.<\/span><\/p>\n

Additionally, all artwork was created by independent artists who were Reddit users as well. What made these NFTs different was that buyers could use fiat and cryptocurrencies to purchase these NFTs.\u00a0<\/span><\/p>\n

As the sale of these NFTs began in August, the collectibles have been sold for thousands of dollars. Interestingly, sales on OpenSea have overtaken the sales on Reddit’s own marketplace. <\/span><\/p>\n

One possible explanation for the increased sales and premiums on OpenSea can be its <\/span>cross-blockchain<\/span><\/a> support across the Polygon, Ethereum, Klaytn, and Solana blockchains.<\/span><\/p>\n

Limited-edition NFTs<\/b><\/h3>\n

The NFTs listed on the Reddit Avatar Store is currently selling for anywhere between $5 to $49. The more expensive NFTs have sold out and are now popping up on OpenSea with a marked-up asking price.<\/span><\/p>\n

The more popular \u2018The Senses x Reddit Collectible Avatars\u2019 and \u2018Foustlings x Reddit Collectible Avatars\u2019 have been performing relatively well. <\/span><\/p>\n

Since 20 August, The Senses collection has brought in 15.3 ETH on Polygon ($25,000). The collection has a floor price of 0.36 ETH on the Polygon network.<\/span><\/p>\n

The Foustlings collection on the other hand has around 1,800 art pieces on <\/span>OpenSea<\/span><\/a> and sales to date add up to 9.9 ETH on Polygon ($16,480). The floor price of this collection is 0.1 ETH on Polygon.<\/span><\/p>\n

Not without its troubles\u00a0<\/b><\/h3>\n

The popularity of the Reddit NFT collection comes as a relief to digital art enthusiasts as just days ago, the NFT market was on the brink of a liquidation crisis.<\/p>\n

Fears of an NFT bubble sparked by the debt crisis at lending platform BendDAO caused OpenSea\u2019s daily volume to tank more than 98% towards the end of August.\u00a0<\/span><\/p>\n

Furthermore, additional panic struck when a Bored Ape Yacht Club (BAYC) NFT entered a liquidation auction on 18 August after its floor price fell 52%. This led to a bank run on BendDAO. Amid the debt crisis, BendDAO called an emergency <\/span>vote<\/span><\/a> to alter its protocol in order to improve NFT liquidity.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

The last few weeks have not only been a tough time for the crypto market, but also for the NFT market as a whole. With sales and floor prices plummeting to new lows, some of the best-performing NFT groups were at their lowest. A sad sob story here? In a strange turn of events, thatContinue reading “NFT market has a savior, and no it’s not ‘Apes’ or ‘Birds’ this time”<\/span><\/a><\/p>\n","protected":false},"author":70,"featured_media":256000,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[66,3,4,20],"tags":[],"class_list":["post-255986","post","type-post","status-publish","format-standard","has-post-thumbnail","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"\nNFT market has a savior, and no it's not 'Apes' or 'Birds' this time - AMBCrypto<\/title>\n<meta name=\"description\" content=\"The last few weeks have not only been a tough time for the crypto market, but also the NFT market as a whole. 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