08-31-2022, 10:03 PM
The Best Part of that Reddit Avatar that sold for $1,370...
<!-- SC_OFF --><div class="md"><p>It's awesome to see that the avatar sold for big money, 0.89 ETH is a great haul for a $75 mint just a couples months ago. What's great about the 5% commission structure is that the artist is benefitting as well. The artist got $37 for that initial sale, splitting it with reddit. For the resale - they received 0.02225 ETH, which is worth about $35 today. </p> <p>That's such a gamechanger for the artist to receive passive commissions, after their initial sale, and to take advantage when their art appreciates. One day, these artists may very well be making more money off the resale commissions than they did the initial sale. With the trading volume surging on Opensea, and the avatars selling out, it's going to get very interesting.</p> <p>Imagine this with bands, getting a similar commission when their concert or original vinyl record re-sells. NFTs can be attached to physical goods, or strictly virtual. Reddit's experiment has gone well, but it's really starting to highlight the power of a smart contract if you're an artist. I'm sure interest is going to explode in attaching collectibles to every single platform because of this.</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/milehigh89"> /u/milehigh89 </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/x2hzqb/the_best_part_of_that_reddit_avatar_that_sold_for/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/x2hzqb/the_best_part_of_that_reddit_avatar_that_sold_for/">[comments]</a></span>
<!-- SC_OFF --><div class="md"><p>It's awesome to see that the avatar sold for big money, 0.89 ETH is a great haul for a $75 mint just a couples months ago. What's great about the 5% commission structure is that the artist is benefitting as well. The artist got $37 for that initial sale, splitting it with reddit. For the resale - they received 0.02225 ETH, which is worth about $35 today. </p> <p>That's such a gamechanger for the artist to receive passive commissions, after their initial sale, and to take advantage when their art appreciates. One day, these artists may very well be making more money off the resale commissions than they did the initial sale. With the trading volume surging on Opensea, and the avatars selling out, it's going to get very interesting.</p> <p>Imagine this with bands, getting a similar commission when their concert or original vinyl record re-sells. NFTs can be attached to physical goods, or strictly virtual. Reddit's experiment has gone well, but it's really starting to highlight the power of a smart contract if you're an artist. I'm sure interest is going to explode in attaching collectibles to every single platform because of this.</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/milehigh89"> /u/milehigh89 </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/x2hzqb/the_best_part_of_that_reddit_avatar_that_sold_for/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/x2hzqb/the_best_part_of_that_reddit_avatar_that_sold_for/">[comments]</a></span>