🐒 Reddit NFTs are getting hot commodity status: some selling for as much as $5,000

🐒 Reddit NFTs are getting hot commodity status: some selling for as much as $5,000 👛 Why memecoins are so popular? 🧐 The U.K.'s plans to become a crypto hub are still alive

GM, vEmpions! There's nothing quite like the feeling of satisfaction that comes with knowing that the weekend is finally here. It's the perfect time to relax and forget about all of your troubles. But before you can do that, you have to make it through Friday first. And let's be honest, Friday can be tough. It's the end of the work week and you're just trying to hold on until 5 o'clock. But don't worry, we've got you covered. At least for the next 5 minutes.

🐒 Reddit NFTs are getting hot commodity status: some selling for as much as $5,000 👛 Why memecoins are so popular? 🧐 The U.K.'s plans to become a crypto hub are still alive

Reddit NFTs are getting hot commodity status: some selling for as much as $5,000

If you thought Reddit was just a website for memes and upvoting cat pictures, think again. The social media platform has now entered the world of non-fungible tokens (NFTs) with the launch of its own avatar program.

With the help of Ethereum blockchain, Reddit users can now purchase unique avatars that can be used to represent them on the site. And judging by the recent sale of a pair of these avatars for 4 ETH, or roughly $5,000, it seems like there the prices for Reddit NFTs are booming.

The NFTs in question are part of the collection which is proving to be the most popular and lucrative among Reddit's Collectible Avatars.

Reddit has been a longtime crypto-friendly environment, having accepted cryptocurrency for in-app purchases since 2013. The social network has also collaborated with many independent artists to create over 90 designs.

The total number of NFTs available numbers upwards of tens of thousands. Those who purchase them are given licensing rights, enabling them to use the avatar off the platform.

It's a good thing, too, because with prices like these, you might want to give your new digital asset a whirl outside of the Reddit world. Who knows, you might even be able to make a profit.

Why memecoins are so popular?

A memecoin is a digital currency that is based on or inspired by an online meme. The first one to come out was Dogecoin, which was created in 2013 as a parody of the Bitcoin craze at the time. Based on the Doge meme, it featured a Shiba Inu on its logo and quickly became popular.

There are many reasons why people are drawn to investing in or using memecoins. For some, it's the sense of community and belonging that comes with being part of a group that shares a common interest. For others, it's the pure fun and excitement of participating in something that is still relatively new and unknown. And of course, there is always the potential to make money from investing in a memecoin.

Dogecoin wasn't supposed to be worth anything. It was created as a joke, but because so many people bought into the idea, it became valuable. In the early days of Dogecoin, thousands of the coins were worth only a fraction of a penny. But as more and more people started using it, the price went up.

Another popular memecoin is Shiba Inu, which is again based on the Doge meme. Shiba Inu has a similar logo and branding, but it is not as well known as Dogecoin.

People might confuse memecoins with "altcoins" (alternative coins), but there is a difference. Altcoins are alternatives to Bitcoin, the first and most well-known cryptocurrency. They are often similar to Bitcoin in terms of their structure and function. Memecoins, on the other hand, take their inspiration from memes and are often created as a way to parody or poke fun at the crypto world.

The "memecoin" name itself stems from "meme stock" or "meme shares" - these were stocks that surged in value because of social media buzz. The most famous example is probably the GameStop stock surge in early 2021, when a group of Reddit users banded together to drive up the price of the struggling company's stock.

While GameStop was not a memecoin, the phenomenon showed that there was a market for investing in things based on memes. This paved the way for the creation of memecoins.

Retail investors, such as young people who are active on social media, are driving the memecoin craze. They are attracted to the low barriers to entry, as well as the potential to make quick and easy profits.

However, there is also a risk that memecoins could become worthless if the meme falls out of popularity or becomes associated with something negative. The value of a memecoin is also highly volatile, which means that it can go up or down in price very quickly. This makes investing in memecoins a risky proposition.

Should you be investing in memecoins? That’s a complicated question, and in the end, it really depends on the memecoin in question. Psychologically, the feeling of belonging to a community, the potential to make money, and the pure fun of it - these are some of the reasons why memecoins have become so popular. And as the crypto world continues to grow, we can expect to see even more memecoins popping up. Some uninitiated people may write them off as a joke or a get-rich-quick scheme marketed to children, but there’s definitely more to them than that.

The U.K.'s plans to become a crypto hub are still alive

The U.K.'s plans to become a global crypto hub are still very much alive, despite a change in leadership. This is according to new Treasury economic secretary Richard Fuller, who reaffirmed the government's stance during a digital asset debate - the first of its kind in the country.

Under previous plans by outgoing Chancellor Rishi Sunak, the U.K. was looking to adopt stablecoins like Circle's USDC as a payment method and develop itself into a leading destination for cryptocurrency and blockchain innovation. However, with new Prime Minister Liz Truss now at the helm, some feared that these plans might be scrapped or downplayed.

Fortunately, it seems that Fuller is still onboard with the vision and is keen to see the U.K. become a major player in the space. In his words: "We want to make the U.K. the best place to be a digital asset business."

The Treasury official also spoke about the need to strike a balance between regulation and innovation, something that has been a hot topic of debate in the crypto community for years. He said that while the government wants to protect consumers, it doesn't want to stifle innovation with heavy-handed regulation.

It's good to see that the U.K. is still committed to becoming a major force in the cryptocurrency space, despite the change in leadership. With Fuller at the helm, it seems that the country is in good hands when it comes to its digital asset plans. In these times of uncertainty, it's reassuring to know that some things remain constant.