. 3 min read

Top NFT stories from last week: Silks and Reddit Launch Successful Avatar Collections

Disclosure: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. By using this website, you agree to our terms and conditions. We may utilise affiliate links within our content, and receive commission.

Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.

Avatars are a key part of metaverse ecosystems, representing players in the virtual world. Many NFT collections release their avatars as one of the early steps toward building a userbase, but not many see strong success. It’s clear that avatars of solid collections are attracting buyers even with the bear market.

Silks and Reddit Avatars Riding High

Both the Silks and Reddit collections are significant for different reasons. The latter is a collection from a major social media platform, which has the potential to bring in many who are on the fence about NFTs. It has managed to generate $2.5 million in a single day with over 32,000 in total sales.

Reddit’s collection is called CryptoSnoos, which set the market alight. It offers such benefits as unique profile animations and the ability to use it off the platform. It has stirred up an interest in NFTs once again in the market, as Reddit is such a well-known platform.

Silks is a notable case for a different reason: the collection is a gateway into one of the most innovative metaverse projects in recent times. The game mirrors the real world of thoroughbred horseracing, with the players present in the world through their avatars – digital jockeys. The many gameplay mechanics and the fact that events in the real world affect the metaverse are what are leading buyers to Silks Avatars.

Players are required to buy Silks Avatars – some of which remain – in order to play in the metaverse. Being a unique project can be a bit of a double-edged sword as collectors may not want to try something so far out of the left field. However, the fact over 65% of Silks Avatars (of which there is a total of 10,000 NFTs) has been sold so quickly is a sign that this is not the case with Silks. The collection has also entered the top 10 sports NFTs list on OpenSea. 

NFTs, whether a Reddit collection asset or from Silks, thrive on rarities and various properties. Silks Avatars have this too, and it has effects on the gameplay. It also has benefits like a lifetime mint pass for the annual Genesis Yearling Sale, exclusive experiences, giveaways, and IRL events. These activities earn players rewards, which take the form of NFTs. 

The main gameplay loop sees players buy, trade, breed, and race thoroughbred racehorses. However, there is also a staking mechanism in the form of the Community Horse Farms. The game also lets you build Horse Farms on Silks Land in exchange for a fixed fee and a share of the rewards generated by Silks Horses.

Unlike Reddit, Silks has a series of other NFT collections, one of which is the Silks Horses. The project has a SIlks Yearling reveal where 1-year-old horses based on real-world racehorses are being introduced and sent to Silks Avatars owners. The horses have bloodlines, training progress, and on-track performance metrics. This gives them the horse they need to begin entering the metaverse, and the clever system has been attracting buyers to the various NFTs on offer. 

Silks Competing Against Major NFT Collections

NFTs may not have had the best year, but avatar collections like that of Silks and Reddit show that there is still a large interest in them. The fact that an NFT collection like Silks can compete against the likes of Reddit in terms of drawing the crypto community’s attention indicates that buyers want uniqueness. With a few NFTs still available and more to come, Silks may become one of the biggest metaverses.

Check Out Silks Avatars