NFT market has a savior, and no it’s not ‘Apes’ or ‘Birds’ this time

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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, that […]

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.Interestingly, sales on OpenSea have overtaken the sales on Reddit’s own marketplace.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 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 . The collection has a floor price of 0.36 ETH on the Polygon network.and sales to date add up to 9.9 ETH on Polygon . 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 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 emergencyRead the best crypto stories of the day in less than 5 minutes

 

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