Reports said that Reddit’s Polygon-based nonfungible token (NFT) venture continues to impress, with three of its tokenized avatar collections cracking the top 10 projects on OpenSea in terms of sales volume this week.
It has been reported that by looking at the 24-hour sales volume chart, Spooky Season by Reddit user poieeeyee is ranked second with 274 Ether or $401,000, as of October 26, worth of sales, behind only Yuga Lab’s Bored Ape Yacht Club (BAYC) at 684 ETH.
However, the ninth and tenth spots are then taken up by Imagination Station from user Chipperdoodle and The Senses from user Rojom with 121 ETH ($177,400) and 120 ETH ($175,900) worth of sales over 24 hours. Zooming out to the seven-day sales volume chart, Spooky Season is the sole Reddit project cracking the top 10 with its 880 ETH ($1.2 million) worth of sales, placing it as sixth, as of October 26.
The report said that for anyone unfamiliar with Reddit’s NFT project, it offers a Collectible Avatars Creator Program which enables users to create and sell profile picture (PFP) NFT collections with artwork based on the Reddit mascot logo Snoo. The move has been a hit so far that the number of wallets holding Reddit NFTs had hit around 2.8 million since launch in July.
Likewise, a judge from the High Court of the Republic of Singapore has drawn on existing property laws to grant a motion to refrain a defendant hodler from selling a BAYC NFT, as he likened the asset class to physical property such as luxury watches or fine wine. The dispute in question involves Plaintiff Janesh Rajkumar, who alleges that defendant chefpierre.eth broke the terms of an NFT loan agreement and foreclosed on the token too early.
According to court documents, via the NFTfi platform, Rajkumar had borrowed crypto assets from chefpierre.eth by putting up his BAYC NFT as collateral but had set terms in which the asset would not be liquidated without giving “reasonable opportunities to make full repayment of the loan.”
Thus, after the NFT was liquidated, chefpierre.eth went on to list the NFT for sale. Rajkumar then filed a lawsuit and motioned for the court to bar the sale for the duration of the case.