Cryptosnoos NFTs, featuring Reddit's beloved snoo mascot, has gained popularity among collectors and investors. But are Cryptosnoos NFTs a good investment?
Updated Jan 5, 2023
Updated Jan 5, 2023
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Reddit NFTs have unexpectedly taken the internet by storm during a bear market. These cute, quirky, and oh-so-collectible digital assets are taking the crypto world by storm. If you're new to NFTs and blockchain technology, no worries—we'll break it down for you.
But first, let's talk about why you're really here: those adorable Snoo characters. You know, the ones that have taken over Reddit and have transformed into collectible NFTs? Yeah, those guys. Let’s dive into the rise of Cryptosnoos NFTs, the risks and rewards of investing in Reddit avatar NFTs, and some tips for snagging a snoo of your own.
If you've been living under a rock, NFTs, or non-fungible tokens, are unique digital assets that live on the blockchain. They're often used to represent ownership of a digital item, such as a piece of artwork, a collectible, or even virtual real estate.
In 2021, Reddit launched Reddit collectible avatars called CryptoSnoos. CryptoSnoos are digital, limited-edition NFTs featuring renditions of Reddit's Snoo mascot created by independent artists.
Users can turn their Cryptosnoos into their Reddit profile avatars to showcase their outfits, accessories, and animations. They can also send the NFTs to their personal crypto wallet and trade them on NFT marketplaces.
A few Reddit collectible avatar NFTs.
Source: Reddit
These NFTs were created in response to the success of Reddit's avatar builder, which was released in 2020. Users could use the avatar builder to create a custom Reddit profile photo with a unique combination of hairstyles, jackets, jerseys, and other clothing and accessories.
Initially, there were four Reddit NFT collections airdropped to their most active users. Basically, Reddit users with the most karma—points attained for participating in subreddits by posting and commenting—were airdropped one of four types of Reddit collective avatar NFTs.
1. The Singularity
The Singularity is known for its futuristic and robotic features. One of these Reddit NFTs can be purchased for as little as 0.02 ETH. However, their price ranges from 50 to 100 ETH.
2. Aww Friends
These show cuddly and amiable creatures. One of these Reddit NFTs has a floor price of around 0.01 ETH. However, the cost of an Aww Friends NFT can reach 100 ETH.
3. Drip Squad
This is a selection of fashionable NFTs inspired by the street style scene, making them some of the most unique NFT avatars a Redditor can own. A Drip Squad NFT's floor price is roughly 0.03 ETH, while its highest price is 255 ETH.
4. Meme Team
These NFTs are intended to be both gorgeous and repulsive. A Meme Team NFT has a floor price of 0.02 ETH. It's interesting that out of the four types, this one is being sold for the most money, with the highest listing price being 69,420 ETH.
Currently, Reddit Collectible Avatars include 60 different NFT collections, each with their own distinct artistic styles or theme. While the original collection is the most popular, later collections also gained traction as collectible digital assets that Reddit users can use to customize their profile photo.
The online message board community Reddit has become a significant force for NFT adoption. Over 3 million Polygon wallets have been created by the platform, with nearly three million Reddit avatars circulating on the blockchain. Now, sales are surging as collectors see Reddit collectible avatars as the newest trading opportunity.
According to Dune analytics, the cumulative sales volume of Reddit collectible avatar NFTs is over $12 million. On October 24, 2022, secondary market sales of Reddit’s collectible avatars NFTs peaked at $2.54 million, while 24-hour sales volume reached a height of only $36,000 in December 2022.
Cryptonoos have seen impressive performance considering the current crypto bear market. Reddit NFT's outstanding growth is worthy of looking into if you’re looking for an alternative asset class to diversify your portfolio.
Looking ahead, it's difficult to predict whether the success of the Cryptosnoos NFTs will continue considering the current state of the NFT market. While the collection has shown strong price appreciation thus far, the value of NFTs is influenced by market conditions, community interest, and even the actions of individual NFT holders.
One thing that's for certain is that Reddit NFTs had a strong start and could keep soaring as long as creators and Redditors continue to build value.
There are a few ways investors can buy Reddit NFTs, such as directly from Reddit or on third-party NFT marketplaces. However, as with any investment, it's important to carefully consider all the options.
If you want to show off your NFTs on your Reddit profile, you will need to either buy them through the Reddit app or transfer your NFTs to your Reddit polygon wallet. Once it's on there, you'll be able to customize your Reddit avatar with NFT accessories.
Reddit avatars NFTs are on the Polygon blockchain, so it helps to create an Ethereum crypto wallet. This is where you’ll store the cryptocurrency you’ll use to purchase the NFT from marketplaces like Opensea.
The most important thing you must do if you want to take custody of your NFTs is link OpenSea to your hot wallet or hardware wallet. MetaMask is the most widely used cryptocurrency wallet in the NFT community, but you also have other open source options.
Once everything is set up, you can easily purchase cryptocurrencies from exchanges like Kraken or Coinbase.