Reddit Launches Successful Web3 On-Ramp with Collectible Avatars Project
The popular discussion platform, Reddit, has recently demonstrated the effectiveness of its Web3 on-ramp strategy with its Collectible Avatars project. Millions of NFTs have been distributed to users in the past few months.
Record-Breaking Minting of Super Bowl LVII NFT Avatars
Since its launch on Monday, over 1.3 million of the official Super Bowl LVII NFT avatars have been minted, with more than 500,000 being created on Tuesday alone. To date, nearly 10 million of Reddit’s Collectible Avatar NFTs have been produced, as shown by publicly available blockchain data on Dune, totaling 9.7 million.
Free Avatars Offered to All Reddit Users
The Super Bowl avatars were made available to all Reddit users at no cost, with four unique avatar styles to choose from, including those for the Kansas City Chiefs and Philadelphia Eagles. The Reddit Collectible Avatars are minted on Polygon, an Ethereum sidechain network that facilitates faster and more affordable transactions.
Limited Trading Activity for Free NFTs
Despite being offered for free, Reddit’s Super Bowl NFTs are not generating significant trading activity. Secondary market prices for the avatars begin at just 0.18 MATIC ($0.23) on top NFT marketplace OpenSea, with only about 5 ETH ($7,600) worth of trades for the NFL collection since its launch.
Bringing People into the Web3 Space
The real draw of Reddit’s NFT program for many Web3 advocates is its accessibility and user-friendliness. Users can simply click a button, select their desired avatar from the collection, create a password for a new wallet, and they’re ready to go.
Growing Adoption of Reddit’s Polygon Avatars
According to data available on Dune, over 6.6 million unique wallets now hold Reddit’s Polygon avatars, with about 500,000 new wallets being created this week alone due to the Super Bowl promo.
Variety of NFT Offerings from Reddit
In addition to the millions of free NFT avatars initially given to heavy Reddit users last summer and later opened up to a wider audience on the site, Reddit has also sold premium NFTs from various artists. All of the NFTs are based on Snoo, Reddit’s cartoon alien mascot.
Reddit’s Avatars Generate Significant Secondary Market Trades
So far, Reddit’s avatars have generated approximately $13 million worth of secondary market trades.