The social networking platform Reddit is auctioning off collectible NFTs on the OpenSea marketplace.
Three NFTs featuring the iconic Reddit alien, known as Snoos, are up for grabs in an auction that went live this morning (June 24th) and lasts until 10pm BST on June 30th. On the first day of bidding, the CryptoSnoos have already attracted bids worth thousands of dollars.
The ‘Original Block’ artwork is currently priced at 2 ETH ($3,959.82) while the ‘Helium’ NFT has attracted a bid of 1 ETH ($1,979.91) and ‘Snooprematic’ is at 0.7014 ETH ($1,394.07).
In a press release Reddit encouraged potential investors to “take advantage of this rare opportunity to own a piece of Reddit history” by collecting the adorable avatars.
The idea is that NFTs sold at auction will link to the purchasers’ Reddit account via their Metamask wallet and can be used as a display picture, sold on or simply held by the owner. According to Reddit owning a CryptoSnoo comes with the following benefits:
“Reddit avatar, the collectable NFT card is featured on their pro le, and an animated glow will be added to their comments, so everyone knows they’re the proud owner of a coveted CryptoSnoo NFT.”
The news that Reddit, a social media platform with 52 million daily users, will be providing a new use case for non-fungible tokens comes as a boost for the NFT market which has taken a hit in recent months. The total USD spent on NFT sales is down
-79.4% over the past 30 days with the number of sales also down by -39.56%.
Despite the dip, investor interest is still perceptible with the number of active NFT wallets climbing +16.9% since May 25. Reddit’s plans to release an array of collectible CryptoSnoo NFTs may help to keep this momentum going.
After the first three ‘Legendary’ NFTs have been auctioned off Reddit will auction off a range of limited edition ‘Epic’ and ‘Rare’ Snoos.