Reddit created an active 2.3 million decentralized wallet for its active user base in a short span of 3 months successfully (2.3 million active wallets is larger than the open-sea traders population) and made a shake in the crypto space!
Reddit is known for its communities. In short, it’s like a bee’s hive, you search for any topic you are interested in and you can land on a big community of people who have and speak about the same interests you have. They are a collection of online forms with unique interests of their own!
What’s challenging for Reddit :
Reddit has a forum called r/cryptocurrency created in march 2012 so they have early adopters of crypto and related stuff they have 5 million Redditors who are interested in that topic. But there was one problem they hated NFTs from the start since many NFTs have no use cases. some Redditors quote “who pays a million bucks for monkey pictures as their pfp”
How they solved it :
They made a huge number of free NFTs minted on the polygon. based on snoo characters (official Reddit mascot) that have different attributes and are divided into four groups “ the singularity, meme team, drip squad, aww friends”
The singularity: robot-style snoo
Meme team: crazy meme term snoo
Drip squad: street-style dressed snoo
Aww friends: pet-style snoo
These avatars are air-dropped to Reddit users who are very active on many subreddits and each contributing Redditor can choose what style they want.
So they made a good move they rebranded the word and concept NFT as “collectable avatars” “which is tradable and can be identified on blockchain”
And rebranded the digital wallet as “vault”
They rebranded because they know it was easy for people to understand.
Many may argue it is like a trojan horse! no, they educated people on how these Reddit NFTs work.
Making people buy it for the art move:
They launched “paid collectable avatars” based on the polygon in the customization menu on the snoo avatar. It is just said to stand out on comments with a hexagon-shaped background and get a card-shaped background when someone visits your profile. And people bought it for the art rather than with high hopes. Imagine a big corporate monster makes an NFT and didn’t market it at first. The first generation of avatars contains famous artists like Rojom, Tyler Foust, Fattybagz etc.. sold out after 45 days because people didn’t recognise the value of it and they don’t care about the secondary market value at the moment of purchasing people just bought interesting art as their profile picture. When the NFT community visited the open sea they were in shock because many collections have 75%-85% ownership its like a dream to many people and people are not selling for high offers at first because they wanted to have a good profile avatar than a $1500 of wrapped ETH on their wallets.
As a seasoned WEB3.0 company Eon8 sees this as a perfect move to build an excellent community!
But what’s unique about Reddit’s collectible avatars?
Imagine you have two to three NFTs you can mix and match traits like hands, props, head, body and legs. yeah! it’s interchangeable like Fortnite skin customization
How strong is the community?
It all started with the meme wars! like an individual trait becoming a meme the famous “cone” “poop” and “Vikings” will fight on memes and some artists make a quality comic strip based on that ! and then the tech community and whales came in offering a marketplace tracker, personal portfolio tracker, and send me Matic faucet which gives a small amount of Matic to people who like to trade for the first time! and of-cores their own discord and subreddit r/avatartrading which has 11,000 active people. Imagine hi your avatar is amazing can you trade it in for mine? and the trade is accepted that’s how they love their art and they don’t value secondary values much ! of cores, they won’t accept 1.5 ETH worth of hands avatar for cone head trade (sorry cones!) plus there are artists who thank holders by sending them airdrops for all holders or physical art copies to lucky holders and the artists are considered to be the spokesperson ( in Twitter terms “influencers” for the entire community)
And the storm didn’t settle:
Reddit didn’t stop after releasing the first batch of that they wanted to prove how strong their community is and how willing are people to buy their collectable avatars. They announced the Halloween edition of collectable avatars. After the announcement people on the subreddit r/avatartrading didn’t sleep for 3 days straight. Then on one day prior to the week of Halloween, the avatar shop got updated and the entire avatars got sold out on 24hrs. Popular artists’ avatars are sold within minutes. It’s notable that Rojom’s “cosmic abyss” was love at first sight for many people and his collection was sold out within 5 mins.
You may think the volume of Gen 2 Halloween avatars is just 10,000 units but no it’s 40,000 NFTs bought by many individuals and got sold out within 24hrs so in total of calculating Gen 1 and Gen 2 they sold 84,000 collectable avatars(NFTs to people. The astonishing point of this sale is, they got 65-89% of unique holders for each collection while we inspected the open sea marketplace which is considered to be super healthy when considering each artist makes 3 different art and people love to collect full sets of the artist they love. They average volumed 642% increase in sales and the polygon section on open sea top 100 charts is lined up with Reddit avatars
Why Reddit people started to love NFTs:
People think NFTs are money-making pictures on Twitter and run for what pfp NFT will make me a grand or two. But in Reddit people do it for fun or for the tech or they might think they want a good avatar that mixes and matches traits as per their liking, like Fortnite skins and other games in which we can customize the character by paying microtransactions. If you have a use case for your NFTs people will flock to you no matter what. When we asked the Redditor about the NFT moment recently going on Reddit he replied “i am the moment Skyler” these guys are totally in for the fun of web3.0