If you have logged on to NFT twitter recently, you might have seen the massive buzz about Reddit NFTs. While it seems the community only found them this week, the collection already has a solid foothold with newcomers. Now, Reddit’s avatar collectibles are in OpenSea’s top 10.
What is the Reddit NFT Hype All about?
So why exactly are people talking about them? Well, Reddit revealed this week that its users opened over 3 Million wallets. Yes – just for NFTs avatars. Believe it or not, that’s actually more crypto-wallets than the leading NFT marketplace, OpenSea. That aside, the top forum website ended up distributing a huge 86,000 NFTs. 40k of these were available to purchase while the remaining number were airdropped to Reddit’s top users.
Of course, NFT twitter missed the boat. Seemingly, the biggest names in NFTs were oblivious to the new chart-toppers. Until now, that is. With 3m new users onboarded to NFTs, the bear market is finally looking up. Reddit’s avatar collections are now in the top 10 on OpenSea. Plus, with their 5% royalties, Reddit is raking in thousands.
How do Reddit collectibles work?
Firstly, Reddit Avatars never actually mention NFTs at all. Besides that though, they also work differently to any major NFTs we’ve seen previously. For one, each of the avatar’s attributes act like wearable items. To explain, this means Redditors can use each element separately, be it a hat or hairstyle. This taps into the whole revolutionary nature of the blockchain. Now, true digital personalization is possible!
On the site itself, Reddit Avatars appear not unlike Twitter’s NFT update. That familiar hexagon is back to remind Redditors that “This Avatar is a collectible”. On a users profile, you may also find the NFT’s details, for example, its ID and the total number of editions. Furthermore, Reddit also makes it easy to find the NFT’s IPFS and block explorer links.
The history of Reddit Vs. NFTs: How did we get here?
Reddit’s web3 journey began back in July 2021 when it launched 4 unique NFT avatars. Although these sold for around $260k each at the time, the collection did not go down well with the online community. Just the thought of NFTs outraged the majority of Reddit users. Then the rest just found it hilarious.
Then in August, Reddit airdropped NFTs to their most active users for free. This was a game-changer. Of course, everyone loves free things. Since then, reddit users began adopting the new “collectibles” and using them on their profiles.
Next, Reddit launched paid collectible avatars which sold out immediately. Now, the second market is catching up with some of the NFT community’s biggest names getting in on the action.
How expensive are Reddit Avatars?
At first, the new avatars rolled out for Reddit Premium users only. These premium users –who pay $5.99 per month–could select premium avatar attributes or traits. Luckily for them, Reddit covers the gas fee for users too. Apart from that, Reddit also airdropped some NFTs to their users completely free!
At release, Reddit avatars can cost anywhere between $10 and $100 dollars. However now, some of the top avatars are going for 6.9ETH. In fact, one even sold for an incredible 175ETH! Believe it or not; It’s market cap is $100 Million and the 24h volume is at $235k and rising.
Obviously, the more scarce the NFT, the more valuable it is. With these Reddit Collectible, they can range from 100-1000 editions.
Are Reddit Avatars NFTs?
Well, despite the very obvious omission, yes, Reddit avatars are indeed NFTs. They are each fully fledged NFTs on the Polygon Network. However, Reddit labels them “avatars” and “collectibles”. Likely, this is due to the horrific backlash they received when announcing the move back in July. But now we can’t complain – it seems to be working!
Reddit make it super easy to onboard those new to crypto. In fact, many users probably have no idea they own an NFT. Reddit’s onboarding is so seamless as:
- Only accept card payments Card purchases (powered by Stripe)
- Wallets aren’t mentioned. They only offer you to “open a vault” when you’re ready to buy an avatar
- They list the benefits of owning a collectible avatar without the “NFT” tag.
Wait, what is Reddit?
If you’ve been living under a rock, Reddit is one of the biggest forum websites in the world. Monthly, it has an incredible 430 Million active users. Started in 2005, Reddit is now valued at $10 billion, with over 30 billion views per month. This is the most exposure the NFT community has ever seen.