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The decision of Reddit to issue its avatar NFTs was good in many ways. The only issue is that the biggest internet forum does not want to introduce its marketplace leaving profits on the table for companies like Opensea.io. There is nothing wrong with this marketplace picking up the slack. We should be happy that Opensea sees more trading volume thanks to an unexpected bump from Reddit’s NFTs.
#1 was sold for a whopping 15 ETH
We have recently reported that some NFTs are sold for 4 ETH and 8 ETH — high prices for NFTs amidst the crypto winter and a very slow NFT market in general. However, the latest transaction involving a Reddit NFT is quite shocking. The #1 avatar was just sold for 15 ETH which roughly translates to $20K. Some people want to have unique things. Getting the number 1 avatar is among things coveted by true collectors of digital items.
Reddit is a platform where the meme culture proliferates aggressively and creates endless opportunities for creative people to push new meme formats regularly. However, some of them are set in stone and will never go out of fashion. Many established memes are numbers. We can expect that a plethora of other avatars with specific numbers will sell high.
Meme numbers that will be more than interesting to the community are 420, 69, and variations of these numbers (42069, 69420, 69069, and so on). We can expect these avatars to sell better than others. However, it is unlikely that number 1 will be outmatched by any other NFT.
You should hold on to your NFT
If you get your hands on a Reddit NFT with a “cool” number or something that looks neat (i.e. 11111, 11, 777, etc.), you should not sell it right now. The NFT market seems to be getting back in shape. The recent announcement from Christie’s that it launched a new digital auction should drive the hype even higher allowing holders of valuable NFTs to hope that they will cash out soon!
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