Despite a turbulent crypto market, Reddit’s Collectible Avatars NFT initiative has taken the blockchain world by storm, as the social media giant celebrated its 5 millionth token curated.
This rapid growth has clearly been fairly spread, with 4.25 million unique wallets and most holding only one avatar each, ensuring whales don’t dominate the tokenized avatars. This is also up from 3 million in just October, so it’s clear the NFT program is a success.
The social media giant announced plans to launch NFT avatars in July this year, utilizing Polygon chain. Free and premium versions of the avatar NFTs are available, and the free NFTs are handed out exclusively to those who post often on Reddit’s community forums.
Reddit NFT Market Slow and Steady
Reddit’s foray into the world of NFTs may be considered a success in terms of total sales, but their secondary trades of just under $12 million pales in comparison with other NFT projects like The Bored Ape Yacht Club, which have seen a staggering $61.6 million in the last month alone.
That said, not many NFT programs are as successful as the Bored Ape Yacht Club, and with the social media giant moving into Web3, and with many Redditors able to claim free NFTs, it’s got a head start on other Web2 platforms.
What Are Reddit NFTs?
A Reddit NFT is a type of avatar that can be purchased on the Reddit avatar marketplace. There are several different types of Reddit NFTs, which include NFTs made by independent creators, the latest free NFTs — and CryptoSnoos.
Scarcity is determined by the different stock levels of each CryptoSnoos NFT. A one-of-a-kind CryptoSnoos NFT is priced higher than others because it’s Legendary. On the other hand, an Epic CryptoSnoos NFT is considered to be an extremely limited edition. Lastly, a Rare CryptoSnoos NFT is known to be a limited edition but not as constrained in number as the others and is generally cheaper.
You can purchase a CryptoSnoos NFT on OpenSea by connecting your MetaMask wallet to the CryptoSnoos OpenSea page. Once purchased, you can use it as your Reddit avatar and enjoy a glowing and animated avatar.
Independent artists can create NFTs directly on the Reddit platform. Most of these NFTs are available for purchase on either Reddit or OpenSea, with no need for an auction, as every NFT comes with a set price.
A lot of Redditors choose to use their MetaMask wallet to buy Reddit NFTs, but you also buy them using debit or credit cards.
Conclusion
Reddit’s foray into the NFT space has seen fantastic growth. Over 5 million tokens have now been curated, and although secondary sales pale in comparison to the leading NFT projects, the utility is impressive.
And with the social media giant leading the way of Web2 platforms into the Web3 space of NFTs, you can be sure other legacy brands are observing with keen interest the growth of Reddit’s NFT success.
