Blog, NFTs

What Are Reddit Collectible Avatars NFTs, Why They’re Getting Attention and How to Buy and Sell Them

A few months ago, people on Reddit started receiving free avatars in the form of NFTs. Some were livid that Reddit was branching out into the world of NFTs, others realized that Reddit was onto something and quickly claimed their free avatars.

These digital assets, or NFTs (non-fungible tokens), are unique and can be traded on platforms like OpenSea. The free avatars aren’t worth much, but Reddit also launched its first ever NFT collection and they’ve been getting a lot of attention lately, which makes sense considering their total volume has crossed a thousand ETH.

What Are Reddit Collectible Avatars NFTs?

Most social media platforms such as Instagram and Twitter have either already incorporated or will incorporate them in the future.

Reddit, a social media platform where people build communities and share valuable information with other users in exchange for points called “Karma,” also decided to foray into the world of NFTs.

On 7 July, 2022, Reddit made a post on its official subreddit announcing the launch of its first NFT collection, titled “Collectible Avatars.”

These Collectible Avatars are limited edition avatars that exist on the Polygon blockchain. They were created by independent artists on Reddit, vast majority of whom had already been popular in the art community even before the release of these NFTs.

A major reason why Reddit created these NFTs was to empower artists on Reddit. These artists were active in popular creative communities on Reddit and most of the revenue generated from all future sales will go to them.

These blockchain-backed collectible avatars were available for purchase on the Reddit Avatar Builder in three series:

  • A series of 100 or 150 avatars at the price of $50 each.
  • A series of 500 (or anywhere between 100-1000) avatars at the price of $20 each.
  • A series of 1000 avatars at the price of $10 each.

Note that these prices might have differed depending on where you live.

Source: Reddit.com

Why Are Reddit Collectible Avatars Getting So Much Attention?

Some of the collections sold out very quickly. Some of the first collections to sell out were The Senses and Foustlings, which now have a total volume of 187 ETH and 193 ETH, respectively.

That’s over $240,000 USD! How did an NFT collection end up getting so much attention in a bear market, when NFTs and cryptocurrencies are falling in value and people are losing money left and right?

There are three major reasons why these NFTs are seeing a surge in volume.

Scarcity

Reddit has over a billion users, around 400 million of whom are active and around 50 million of whom use the site everyday. Compare those numbers with the total number of Collectible Avatars that were released on the platform: 44,991.

(Note: the figure above was manually counted by a 2 year old baby. Please correct us in the comments if it’s wrong.)

Scarcity is one of the main drivers of NFTs’ popularity. The more scarce an NFT collection is, the more likely it is for people to FOMO in on it.

Reddit’s Popularity

Another reason that might have propelled the sales of Reddit’s NFTs is because, well, they’re Reddit NFTs!

Reddit is a huge social media platform, and unlike Facebook or Instagram, it has tons of people who interact with each other in hundreds of different communities.

The Collectible Avatars are Reddit’s first proper NFT collection, so it makes sense that the platform’s popularity would be enough to drive up the hype.

Though, it’s pertinent to mention here that many people on Reddit dislike NFTs and cryptocurrencies.

When the Collectible Avatars were released, the popular subreddit r/196 (a subreddit with over 400K members!), made a post, stating that users will be banned from the subreddit if they displayed a Collectible Avatar as their profile picture.

Whales

A couple of days ago, a whale on Twitter swept the floor of pretty much every collection, which saw a significant rise in every collection’s volume.

Avatar Rock Out’s total volume went from 3-4 ETH to 8 ETH in just a couple of minutes.

In a tweet explaining why they bought it, the whale said, “The risk is almost entirely low. All of them r Reddit OG avatar collections. Even 5 years from now, there r more attractive collections from Reddit to be released. However, OG collections are always historically significant and there are always people who want to collect them.”

On the same day, all the Reddit Collectible Avatars were sold out which caused even more FOMO.

Customize Your Reddit Collectible Avatar’s Gears and Accessories

The most exciting thing about these blockchain-based avatars isn’t the fact that they’re integrated into Reddit, but that users/holders can mix-and-match the accessories and gears of these NFTs.

Don’t like the hat your Collectible Avatar is wearing? Switch it with the hat of another avatar! You can customize accessories and gears of any Reddit Collectible Avatar!

Reddit Verified Avatars

Similar to Twitter’s verified “NFT profile photos”, Reddit also has a verified photo frame for people who put up their NFTs as their profile pictures.

When you display your NFT Collectible Avatar as your profile, a hexagonal frame will appear around it and it’ll have a glow-like effect to it. This will tell other users that you own the NFT.

Anyone can take a screenshot of the NFT and claim ownership of it, but remember, the metadata of the NFT will only appear on someone’s profile if they actually own it.

Where Are the Reddit Collectible Avatars Stored?

The Avatars are stored in your Reddit crypto wallet called Vault. To find Vault, simply open the Reddit app, and tap your avatar in the top-right corner. A menu will open up where you’ll be able to see Vault.

Make sure you save your seed phrase somewhere so you don’t lose it. You can find it in your Reddit Vault if you didn’t save it at the time of setup.

Tap the three dots at the top and then tap Recovery Phrase. You can either take a screenshot of your recovery phrase or type Save Recovery Phrase to copy it to clipboard and paste it somewhere safe. Do not share this recovery phrase with anyone.

You’ll need this recovery phrase when linking your Reddit Vault to MetaMask.

How to Sell Reddit Collectible Avatars on OpenSea

If you managed to grab a few Reddit Collectible Avatars, you’ve probably been thinking about selling them for profit.

Don’t be intimidated by the people who tell you not to list your NFT at a low price. Profit is profit and there’s no shame in taking it.

To sell your Collectible Avatar on OpenSea, you have to link your Reddit Vault with your MetaMask wallet first.

It seems complicated, but it’s actually very simple. Here’s what you have to do:

  1. Go to the OpenSea website and click on the wallet icon in the top-right corner.

  2. Click on MetaMask. Make sure you’re using Google Chrome because you need the MetaMask browser extension to be able to use it.

  3. You’ll be taken to the MetaMask download page. Download the browser extension and follow the on-screen instructions until you get to the “New to MetaMask?” screen.

  4. Click on Import Wallet under “No, I already have a secret recovery phrase.”

  5. Now type your Reddit Vault’s secret recovery phrase and create a password. Click on Import. Congratulations! You just created a MetaMask wallet for yourself!

    Note: If you already have a MetaMask wallet, you won’t be able to import your Reddit Vault to it. You’ll have to create a new profile on Google Chrome or download the MetaMask app on your phone.

  6. Now you have to transfer some MATIC to your wallet. For that, you’ll have to use a crypto exchange. We recommend Binance, but there are other crypto companies you can use, too. Make sure you choose “Polygon” as the network when you’re transferring MATIC to your MetaMask wallet.

  7. You can also ask someone in the r/avatartrading subreddit to send you a few MATIC. The Reddit community is extremely helpful and there will be someone willing to help you out.

  8. Once you’ve transferred some MATIC to your MetaMask wallet, just list your Reddit Collectible Wallet and wait for someone to buy it!
Import the recovery phrase from Reddit Vault.

How to Buy Reddit Collectible Avatars on OpenSea

As of now, the entire Reddit Collectible Avatar collection has sold out. The only way to buy one is through OpenSea.

But since many of the people who use Reddit and want to buy a Collectible Avatar are new to the NFT space, they won’t know how to buy an NFT on OpenSea.

All you have to do is set up a MetaMask wallet (follow the steps above but click on Create a Wallet instead of Import Wallet), and transfer some ETH to your wallet using a crypto exchange or wallet.

Once you have ETH in your wallet, just start browsing through the huge list of Reddit NFTs and buy ones that resonate with you!

List of Popular Reddit Collectible Avatars and Their Data

Here’s a table that shows some of the popular Reddit NFT collections and their total volume and floor price as of October 6:

Reddit CollectiblesTotal VolumeFloor Price
1. The Senses189 ETH1.46 ETH
2. Foustlings199 ETH0.84 ETH
3. Wearing Your Emotions99 ETH0.69 ETH
4. Natsukashii66 ETH0.68 ETH
5. Baked Goods and Evils76 ETH0.33 ETH
6. Celestial Assembly63 ETH0.4 ETH
7. I quit my job to be an artist39 ETH0.15 ETH
8. The Mind’s Eye30 ETH0.11 ETH
9. 5 Boro Bodega24 ETH0.38 ETH
10. Avatar Rock Out18 ETH0.07 ETH

Wen Lambo?

If you’re an NFT enthusiast, then you should definitely keep an eye on Reddit’s limited edition collectible avatars. They’re part of Reddit’s first ever NFT collection, which means no matter how many collections they release in the future, this one will always have some value to it.

There’s always a risk involved in cryptocurrency and NFTs, so make sure you only invest what you can afford to lose! Is there any Collectible Avatar in particular that’s caught your eye? Let us know in the comments!

FAQ

What is an NFT?

An NFT or a non-fungible token is a blockchain-based asset that has a unique ID that makes it different from other digital assets. NFTs can be bought and sold on NFT marketplaces like Rarible and OpenSea. Many people have used them to make millions of dollars, but more have suffered significant losses because of them.

What is Reddit?

Reddit is a social media platform just like Facebook and Instagram. It was created by two college students in 2005. The platform has “subreddits” which act as groups or communities where people can participate in discussions and control the visibility of content by upvoting or downvoting it.

Should I buy Reddit Collectible Avatar NFTs?

Only if you can afford to lose the money you invest! It may be tempting to buy one now that they’ve gotten popular, but their prices could always plummet. Make sure you do thorough research before you buy an NFT!

What blockchain are the Reddit NFTs based on?

The Reddit Collectible Avatars run on the Polygon blockchain. To list them on OpenSea, you must have MATIC in your wallet. MATIC is the native cryptocurrency of Polygon.

Will Reddit release another NFT collection?

No one knows yet if there will be another NFT collection by Reddit, but many have been speculating that Reddit is currently working on “Generation 2” NFTs. As of now, though, it’s just a mere conjecture.