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Millions of dollars have been spent on Reddit's NFT collections

NFTs linked to 'luxury' property, and more as Reddit NFTs reach new heights

Shashank Bhardwaj
Published: Oct 27, 2022 07:09:41 PM IST

Millions of dollars have been spent on Reddit's NFT collectionsImage: Shutterstock

Three of Reddit's tokenized avatar collections made it into the top 10 projects on OpenSea this week, demonstrating the success of the Polygon-based nonfungible token (NFT) initiative.

Compared to Yuga Lab's Bored Ape Yacht Club (BAYC), which has the highest 24-hour sales volume at 684 ETH, Spooky Season by Reddit user poieeeyee comes in second with 274 Ether, or $401,000 at the time of writing, in sales.

The Senses by user Rojom and Imagination Station by user Chipperdoodle, with 121 ETH ($177,400) and 120 ETH ($175,900) in sales during the last 24 hours, respectively, claim the ninth and tenth rankings.

Zooming out to the seven-day sales volume chart, Spooky Season, which has sold 880 ETH ($1.2 million) worth of tokens and is currently ranked sixth, is the only Reddit project to make it into the top 10.

Suppose you need to become more familiar with Reddit's NFT initiative. In that case, it offers a Collectible Avatars Creator Program that allows users to make and sell collections of profile picture (PFP) NFTs based on the Reddit mascot emblem Snoo.

The decision has been successful since its introduction in July, and about 2.8 million wallets are holding Reddit NFTs.

The High Court of the Republic of Singapore judge compared the asset class to tangible goods like fine wine or posh watches and used existing property rules to allow a motion to prevent a defendant hodler from selling a BAYC NFT.

Plaintiff Janesh Rajkumar claims that defendant chefpierre.eth violated the conditions of an NFT loan arrangement by prematurely foreclosing on the token.

Using his BAYC NFT as collateral, Rajkumar, according to court filings, borrowed crypto assets from chefpierre.eth via the NFTfi platform, but he stipulated rules that prevented the asset from being sold without "reasonable opportunities to make full repayment of the loan."

Chefpierre.eth listed the NFT for sale after the NFT was liquidated. Rajkumar then filed a lawsuit, asking the court to halt the sale while the issue was pending.

Judge Lee Seiu Kin equated NFTs to actual collectables when explaining why he decided to grant the motion, adding that: "Cars, books, wine and luxury watches … are a few examples of highly sought-after items for collectors, [f]or digital nomads, especially those steeped in the world of blockchain and cryptocurrencies, NFTs have emerged as a highly sought-after collectors' item."

The writer is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash

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