Brazil bars this crypto exchange from brokering securities
Key BTC mining pools’ crisis and everything you need to know
How Polygon-based transactions are beginning to compete with Ethereum
Solana: Here’s why bearish bias makes sense despite bullish momentum
Cardano [ADA] investors should closely monitor this new development
Key BTC mining pools’ crisis and everything you need to know
Are Bitcoin short-term holders responsible for recent weakness
Bitcoin: What to expect from your BTC portfolio in next few weeks
Will Bitcoin continue crashing; what’s the source of its latest downside
Can Bitcoin mining have a net-positive effect on energy, environment
27.4% of Ethereum node operators risk being stuck thanks to Bellatrix
Ethereum: Unraveling ETH’s realistic near-term revival chances
DeFi activity on Ethereum network continues to drop- Here’s why
From $750M+ in August revenue to <70M- What went wrong for ETH miners
Merge: A look into user behavior patterns for staked Ethereum
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.
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.
Reddit marked its NFT debut with the announcement of CryptoSnoos in February 2022. Four months later, in July, Reddit came out with the blockchain-backed “collectible avatars” which were minted on the Polygon Network.
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. 
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.
One possible explanation for the increased sales and premiums on OpenSea can be its cross-blockchain support across the Polygon, Ethereum, Klaytn, and Solana blockchains.
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.
The more popular ‘The Senses x Reddit Collectible Avatars’ and ‘Foustlings x Reddit Collectible Avatars’ have been performing relatively well.
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.
The Foustlings collection on the other hand has around 1,800 art pieces on OpenSea 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.
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.
Fears of an NFT bubble sparked by the debt crisis at lending platform BendDAO caused OpenSea’s daily volume to tank more than 98% towards the end of August. 
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 vote to alter its protocol in order to improve NFT liquidity.

Cardano [ADA] bounces from range lows; here are targets to sell coin at
Ethereum Name Service’s spectacular performance sends BAYC packing
Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot’s writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.S – There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. Wait, are they Satoshi? :/
Can Polygon [MATIC] pull multitudes after this NFT marketplace…
BAYC, CryptoPunks holders might not be elated to read this NFT report
Shoutout to all NFT holders- Here’s something you should know
This is why speculations about the NFT bear cycle may have some weightage
A-Z of how OpenSea Ethereum and Polygon fared in the last 30 days
ApeCoin holders are losing faith and here are the top reasons
Your email address will not be published.

document.getElementById( “ak_js_1” ).setAttribute( “value”, ( new Date() ).getTime() );

Disclaimer: AMBCrypto’s content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.


Write A Comment