The New NFT Collection On Polygon Network — Reddit Avatars — Exploded, Hitting A Collective Market Cap Of More Than $100 Million. Can The Big Eyes Coin Keep Up? – Crypto Mode
The NFT market is going through a rough patch, with the trading volume for non-fungible tokens (NFTs) plummeting from $17 billion in January to a paltry 466 million this month, recording a massive drop of 97% since the beginning of the year. While many collections drop their value faster than the crypto flock could keep up, one notable exception proves that flipping your favourite JPEGs game is still ongoing. In today’s editorial, we will see whether the new collection of NFTs built on the Polygon blockchain will save the industry from the imminent collapse or whether Big Eyes Coin will fit the bill. I guess this is what we are going to find out. Let’s dig in.
Online message board community Reddit revealed that last week, users created over 3 million Polygon wallets for a new NFT collection — with nearly three million avatars in circulation and counting! As always, with the NFT craze, the community can not get enough of them, leading the sales to surge through the roof and opening significant trading opportunities, thanks to the robust Polygon network.
The sales of Reddit’s Collectible Avatars NFTs on secondary markets witnessed a 799% increase from last Sunday, with a collective market cap of about $100 million. This includes the top piece of the pie—a Spooky Season avatar created by pseudonymous artist poieeeyeee, who sold its precious NFT for 18 ETH (roughly $24,150).
While some of those avatars were premium NFTs purchased directly from the site, with initial fixed prices ranging from $10 to $100 apiece.
Many more Reddit NFTs were airdropped for free to some of Reddit’s most OG users across more than 100,000 active communities (or subreddits), effectively introducing many newbies to the art of JPEGs for the first time.
Each avatar is based on Snoo, which is the Reddit alien mascot, albeit with various visual styles contributed by an array of artists, or as the crypto flock calls it, the PFP NFT collectible. On the back of this news, Polygon’s MATIC token saw a significant price spike on Sunday that corresponded with rising hype around the Reddit NFTs. Truly the time of Utober never ceases to amaze, and for that, we are deeply grateful.
Despite being the new kid on the block, Big Eyes Coin has been smashing its presale game, setting multiple records. What started as a meme coin endeavour quickly transformed into something more profound, leaving the community eager to discover this cute cat’s next move.
Judging by the project’s White Paper, we should expect an NFT collection to be released very soon, and this is a biggie for a project that amassed more than $9 million in presale. While it is still unclear how the collection will look, we can speculate based on the previous experience and promises made by the core team.
For starters, most likely, it will be a PFP. PFP is a unique type of NFT, followed by the success of CryptoPunks. Instead of focusing on 1/1 pieces and limited edition collections, PFPs are generally rendered by a group of artists/developers and have a lot of individual tokens that share a similar aesthetic narrative.
In the case of Big Eyes Coin, we could expect a Japanese anime-inspired collectible, where a cute little cat will feature on multiple frames with distinct features and characteristics. Considering that most collections out there are ape-derivative, this kind of novel aesthetics could only enhance the community’s interest.
Always conduct proper research when dealing with pre-sales of currencies and tokens. The information above does not constitute investment advice by CryptoMode or its team, nor does it reflect the views of the website or its staff.
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