Home » Millions Of Dollars Have Been Spent On Reddit’s NFT Collections

Millions Of Dollars Have Been Spent On Reddit’s NFT Collections

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Three of Reddit’s tokenized avatar collections entered OpenSea’s top 10 projects this week, demonstrating the success of the Polygon-based non-fungible token (NFT) initiative.

Yuga Lab’s Bored Ape Yacht Club (BAYC) has the highest 24 hour sales at 684 ETH, while Spooky Season by Reddit user poieeeyee is second with 274 Ether, or $401,000 in sales at the time of writing.

The Senses by user Rojom and Imagination Station by user Chipperdoodle occupy 9th and 10th place respectively in the last 24 hours with sales of 121 ETH ($177,400) and 120 ETH ($175,900) respectively.

Zooming out to the 7-day sales chart, Spooky Season, which sold 880 ETH ($1.2 million) worth of tokens and is currently ranked No. 6, is the only Reddit project to enter the top 10.
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The decision has been successful since its introduction in July, with approximately 2.8 million wallets holding Reddit NFTs.
A judge at the High Court of the Republic of Singapore has allowed a motion to prevent defendant Hodler from selling BAYC NFTs, comparing the asset class to tangible commodities such as fine wine and fine watches, and using existing property rules. did.
Plaintiff Janesh Rajkumar alleges that defendant chefpierre.eth violated the terms of the NFT Loan Agreement by seizing tokens prematurely.
Rajkumar used BAYC NFTs as collateral and borrowed crypto assets from chefpierre.eth via the NFTfi platform, but the assets were sold without a “reasonable opportunity to pay off the loan in full,” according to court filings. established rules to prevent
Chefpierre.eth put NFTs up for sale after they were liquidated. Rajkumar has since filed a lawsuit asking the court to stay the sale while the matter is pending.

In explaining why he decided to allow the motion, Justice Lee Seiu Kin equated NFTs with actual collectibles, adding: “Cars, books, wine and luxury watches are examples of items that are very popular with collectors. [f]Or for digital nomads, especially those immersed in the world of blockchain and cryptocurrencies, NFTs have emerged as highly sought-after collector’s items. ”

The writer is the founder of yMedia. He embarked on cryptocurrency in his 2013 and is an ETH maximalist. twitter: @bhardwajshash

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