What’s happening with Reddit’s NFTs
The heart of any NFT project can be attributed to its community and decentralized ownership. As these are actually the core value of Reddit, it was perceived very well when the company decided to introduce NFT and blockchain technology. In today’s article we will be covering their collectable avatars and artist collections.
Many NFT experts are raving about Reddit’s launch of NFT as the new NFT standard and every company will follow suit. Reddit has an avatar shop, where anybody on the platform can go and customize their own avatar such as adding cloths, hats which is basically a humanoid version of their logo. They went one step ahead and introduced collectable avatar drop, where they do not mention the term “NFTs” anywhere, even though they are basically NFTs. Collectable Avatars
First and foremost, they have these free avatars that are not on the blockchain and then they also have collectable avatars, which they have launched on their platform natively. They made four collections of them namely “AWW Friends”, “Drip Squad”, “Meme Team” and “The singularity”. People that have contributed most to their specific reddit communities were rewarded with these free digital collectables. People have already started listing them on Opensea which are now traded at ~ 20-30 USD. Artist Collections
Reddit partnered with artists that were on the front page of several subreddits like art comics and many other communities. These are artists that are very well known and are consistently at the top of those subreddits. So, they partnered with these artists to launch individual collections hand in hand under those artist names. These artists created custom unique designs of the reddit logo avatar and launched these collections with reddit under their names and the artist gets to keep most of the money. These collections minted anywhere from $10-$100 USD, with some of these collections actually trending top 10 in Opensea. Free airdrops
Reddit has begun to airdrop these collectable avatars for free to their top contributors on their subreddit pages. The criteria to qualify for receiving free avatars are based on Reddit Karma, a kind of internet score where members are rewarded for their active participation on the platform. Users can get Reddit Karma points by creating content, commenting, upvoting or downvoting other people’s content, etc
At least 3 million new users have turned to crypto, scrambling to scoop up one of Reddit’s Collectible Avatars NFTs. Redditors have created more than 3 million Reddit Vault wallets to buy and trade NFT avatars, which are based on the platform’s Snoo character, since the series launched in July, according to chief product officer Pali Bhat. What makes them different from other projects
Although it follows a native NFT project, there are some key aspects when it comes to Reddit NFTs • They are paid for with Credit Cards
• Bought and held in a Vault native to reddit.
• This vault is essentially your web 3.0 wallet, but it is native inside reddit
• These collectables are on-chain. They are on a polygon network and could be transferred from your vault in reddit to your meta mask wallet.
Takeaway
From Nike to Starbucks, all of the big firms are starting to develop web 3.0 strategies and NFTs and are implementing them in their business. Reddit’s NFT success shows that there may be a future for NFTs if executed in the right way. With its foray into Web3, Reddit would be able to revolutionize its platform, which already counts approximately 52 million daily active users, and find a new source of revenue, previously dominated mostly by its advertising business, which generated $350 million in revenue in 2021.
We have launched Cryptogram, an India-focused free weekly newsletter on blockchain tech, global crypto markets, and Web 3.0 technologies which promise to change our future. If you would like to subscribe to this newsletter, click here . You can read our past editions here . Also, check out our website here .
Use promocode TNM51 at www.giottus.com/profile#promo after registration to get Rs.51 worth free Bitcoin.
Disclaimer: This article was authored by Giottus Crypto Exchange as a part of a paid partnership with The News Minute. Crypto-asset or cryptocurrency investments are subject to market risks such as volatility and have no guaranteed returns. Please do your own research before investing and seek independent legal/financial advice if you are unsure about the investments.
source World’s leading social network and Indian-based Polygon have caught people’s attention
Protected by Patchstack