TL:DR
- Reddit’s Collectible Avatars program has surpassed 10 million mints since its launch in July 2022.
- The partnership with the NFL for Super Bowl LVII collectible avatars has seen an overwhelming response, with over 1.3 million being minted in the first week.
- Reddit’s use of the terminology “digital collectibles” may have helped distance the program from negative connotations associated with NFTs, making it more accessible to a wider audience.
Reddit is Winning the “NFT Bowl”
NFTs, or non-fungible tokens, have been making waves in the world of digital assets and collectibles. And, Reddit, one of the world’s largest online communities, has taken notice, launching their own NFT program, Collectible Avatars. With over 10 million minted since its launch in July 2022, Reddit’s program has proven to be a game-changer in the world of NFTs.
Recently, Reddit announced a partnership with the NFL to release special collectible avatars ahead of Super Bowl LVII. These avatars, featuring the website’s mascot Snoo representing the competing teams, are available for free to mint on the Polygon blockchain. And, the response has been overwhelming, with more than 1.3 million avatars being minted in the first week.
Reddit released four different caricatures of their mascot, Snoo. The adorable NFTs were created to represent the competing teams and the fandom. These avatars are unique in that they can be minted for free on the Polygon blockchain, allowing users to get a taste of the NFT world with ease.
Great growth
Since its launch in July 2022, Reddit’s Collectible Avatars have become one of the largest and most accessible platforms for user onboarding into the world of Web3. The Reddit program has been very successful and currently has surpassed 10 million mints in total, with over 6.8 million unique wallets and a total market cap of nearly $32 million. This impressive growth can be attributed to several factors, such as the ease of setup, the low price point, and the positive reception of the NFT collection.
The NFL partnership is yet another milestone for Reddit’s Collectible Avatars program. With the opportunity for users to receive one of four different Super Bowl avatar designs for free, Reddit is poised to continue its successful onboarding of new users into the world of NFTs. The response has been overwhelmingly positive, with over 1.3 million Super Bowl NFTs minted and approximately 5 ETH ($7,600) in trades on the leading NFT marketplace OpenSea.
Analytics from Dune have shown that Reddit’s Collectible Avatars program has become one of the largest and most accessible platforms for user onboarding into the world of Web3 since its launch. With over 10 million mints and counting, the recent minting of over 1.5 million Super Bowl avatars is just the latest in a string of impressive figures. With a sizable community of 24 thousand subscribers on the r/CollectibleAvatars subreddit, the program shows no signs of slowing down.
Growth despite distate
Despite some communities on Reddit being outspoken in their distaste for cryptocurrencies and NFTs, the Collectible Avatars program has been well-received by users. The ease of setting up a wallet and the low price point of some avatars also contribute to their popularity. Crossing the chasm, a term coined by Geoffrey Moore in his book of the same name, describes how a new product has to find a way to reach the general public in order to go mainstream. It may not be large, grandiose NFT projects that accomplish this, but instead, it could be something as simple as the ability to easily place a funny hat on your profile picture. Reddit’s Super Bowl LVII NFT Avatars reaching the one million mark could be a game-changing moment in the NFT world.
Many reasons for success
Another one of the reasons for the success of Reddit’s NFT program could be in the terminology they use to describe it. By referring to the avatars as “digital collectibles,” they have helped distance themselves from the negative connotations often associated with NFTs. This approach may be a key factor in reaching a wider audience, as companies like Meta have also used the same terminology in their own NFT integration.
One more poignant reason would be the successful launch of the NFTs and clear communication given by Reddit as to how to obtain the NFT for free. As soon as a user opens the Reddit app they are given a message near their screenname that the NFT is available for download, with no gimmicks and no “sleight of hand” as some may call the Limitbreak Super Bowl ad.
Reddit’s Collectible Avatars program is a prime example of how large companies can bring NFTs to the masses in a way that is accessible and appealing. By offering free NFTs and distancing themselves from the negative connotations of the term “NFT,” Reddit has found success in bridging the divide between early adopters and the general public. As the NFT world continues to grow and evolve, Reddit’s Collectible Avatars are sure to play a major role in shaping the future of NFTs.
Thanks for reading Solanews , remember to follow our social media channels for more!