Although Reddit NFTs have only just blown up, they are by no means brand new. Back on July 7th this year (2022), Reddit announced the launch of its project called Collectible Avatars. Collectible Avatars are limited-edition avatars (profile pictures) from Reddit that provide owners with unique benefits on the Reddit platform. The collection was made by independent creators in partnership with Reddit and it is powered by the Polygon blockchain, meaning that people needed a ‘Vault’ (digital wallet on Reddit) to store them on. This was Reddit’s first large-scale move into the NFT space.
A little over 3 months after Reddit introduced its NFT project, 18 separate Collectible Avatar Collections from Reddit rank in OpenSea’s top 100 list for 24-hour trading volume. More importantly, 3 projects rank in Opensea’s top 10 list for 24-hour trading volume, and the Spooky Season: poieeeyee x Reddit Collectible Avatars have even outperformed CryptoPunks. Additionally, it’s recently been discovered that Reddit users have created 3 million ‘Vault’ crypto wallets since the launch in July, which is incredibly bullish for the Web3 industry.
What Is Reddit And What Are Reddit NFTs?
If you’re unaware, Reddit is an American social news aggregation, content rating, and discussion website. Essentially, Reddit is a massive collection of forums where people can share news, content, or comment on other people’s posts.
Reddit’s NFTs are digital, limited-edition collectibles based on its mascot, General Snoo. The avatars are designed by independent creators and artists from its creative communities, and users were able to use fiat currency to purchase them. The initial cost of grabbing one of these NFTs was relatively cheap, between $9.99 to $99.99, which is affordable for a large majority. The utility of the avatars allows users to access benefits on Reddit’s platform such as unique profile animations and more.
The NFT collections surfaced from the success of Reddit’s updated avatar builder, which originally launched in 2020. Using this builder, people could customize and personalize their Snoo with clothes, hairstyles and more.
What Are The Most Popular Collections?
Coming in hot at rank #2 on OpenSea’s daily charts in the last 24 hours is Spooky Season: poieeeyee x Reddit Collectible Avatars. This collection has a total volume of 821 ETH traded
and a floor price of 0.295 ETH at the time of writing. The artist behind this sub-collection is Poieeeyee. Midas Touch #1 was sold for a solid 3 ETH just recently, which is this series’ highest-recorded sale transaction so far.
The Senses x Reddit Collectible Avatars was created by Reddit user Rojom as a part of the Collectible Avatars Creators Program, and it currently sits at spot #9 in OpenSea’s chart over the last 24 hours. At the time of writing, this collection sits at an impressive floor price of 1.5 ETH and it has done a total volume of 591 ETH. Its highest sale so far is The Hands #1 with a transaction recorded at an impressive 30 ETH.
The last project to remain in OpenSea’s top 10 chart is Foustlings x Reddit Collectible Avatars. This series was created by Reddit user Tyler Foust as a part of the Collectible Avatars Creator Program. Foustlings has done 539 ETH in total volume and the current floor price is 1.35 ETH. Fishy Foustling #1 from this collection is the highest sale recorded to date. At the end of September 2022, this token was transferred for 15.25 ETH.
Why Is This Bullish For The NFT Space?
In brief, Reddit has a daily user base of 52 million people with a very spread out demographic, which can lead to large networking effects. Additionally, it was reported that 3 million crypto wallets were created thanks to Reddit. This is huge in terms of pushing for mass adoption, as NFTs and Web3 as a whole will gain a huge amount of exposure from Reddit’s NFT saga.
In this society where people are naturally resistant to change, it’s these events that are going to eventually chip away at those who are currently unaware or hesitant to take a step over to the good side. More and more establishments are crossing the bridge, and mass adoption is approaching faster than we think.