by 
Reddit is making headlines again, this time for its Collectible Avatars collection. The collection which dropped on October 20th has already been sold out.
Recent reports show Reddit now has more NFT wallets than the popular NFT platform OpenSea. With an estimated 3 million wallets and counting, Reddit debuted its second edition NFT collection on the Polygon network. The Polygon network is an Ethereum layer 2 solution which allows for lower transaction fees.
OpenSea resell value
Artists were able to sign up to be featured creators, and they earn a cut of every sale just as Reddit does. With the original pricing ranging from $4.99 to $99.99, it is now reselling for upwards of $20,000 on OpenSea.
Specifically, the Collectible Avatars called Midas Touch, which was limited mints of 100 are listed on OpenSea at an average of $18,000 at the time of this writing.
Ease of access
With only 40,000 NFTs released, the second edition was sold out in less than 48 hours. In order to buy these NFTs users were required to have a Reddit account in addition to setting up a Reddit Vault which takes less than 10 minutes.
The ease of access provided by Reddit has fueled the latest craze in NFTs adoption and usage. Reddit a popular online community platform with upwards of 50 million daily users has allowed everyday consumers to buy NFT’s simply by entering their Credit/Debit cards.
Afterward, users have the option to display their newly purchased avatars or sell them on OpenSea.
Popular collections
Some of the popular Collectible Avatars trending on OpenSea at the time of this writing include
Web3 adoption
This is a big accomplishment for Reddit which is mostly anti-NFTs. Reddit packaged the Collectible Avatars in a way that includes use cases while incorporating the elements that make it an NFT. As stated by Reddit Co-Founder Alexis Ohanian himself, user experience is what will truly define Web3 adoption on a global scale. Using Reddit as a medium is an excellent way to accomplish this goal.
“This era of Web3 adoption will be defined by user experience.”
Reddit Co-Founder Alexis Ohanian
