It’s official: Reddit has more active wallets than the internet’s biggest NFT marketplace, OpenSea . You may wonder how this is possible, but it’s really not all that complicated if you think about it. Reddit has been around since 2005 and has millions of daily active users. With an established, dedicated community as well as a smart, inclusive approach to NFTs, Reddit has successfully managed to bring NFTs to a wider audience. Let’s take a closer look at this success story and find out what makes Reddit NFTs truly unique…
Building on Strong Foundations
Reddit is a pretty unique platform in many ways. Firstly, it allows strangers from all over the world to associate with one another via topics they find interesting or worthwhile—new technology, cryptocurrency, geography, politics, cute cat videos, you name it—pretty much anything you can think of, there’s a subreddit for it.
Obviously there are also some downsides to Reddit as the platform is renowned for its preponderance of keyboard warriors, heavily moderated subreddits and the questionable content that often appears there. Regardless, in 2020, Reddit had 430 million monthly active users, and year-on-year, this figure has grown. There’s little debate that Reddit is a huge platform that has continued to expand in its userbase and annual revenue. Whether you love it or hate it, Reddit is here to stay.
While Reddit may be a social media platform (and like all the others, far from perfect), it’s also a business that exists to turn a profit. For this reason, it only makes sense that they’re always looking for new ways to expand on their value proposition and deliver new and exciting experiences to their users. And like so many other companies, they’ve seen the rise and fall of the NFT market and decided to try out their own NFT project.
However, the way Reddit have approached NFTs is substantially different from the vast majority of NFT projects, and the end result? Massive uptake and a huge success. Imagine that! Just by shifting the focus a little and not doing what most crypto bros have done time and time again with the same awful results, you can actually succeed! Who would’ve thought?
So the question then is “How did Reddit get it right?” I think to begin, it’s important to note that Reddit has a well-established community that consists of hundreds of millions of users. They literally only required a tiny fraction of their userbase to buy their NFTs in order for them to succeed. And guess what? A little less than 1% of their monthly active users have already bought in, and their NFT project has already surpassed even OpenSea itself:
But reputation alone doesn’t do it. Indeed, if the NFTs themselves weren’t cool, interesting or useful in any way, it stands to reason that many users simply wouldn’t buy them. In order to make the project work, Reddit used their own mascot, Snoo , as the basis for their NFTs. For some context, Snoo is a “genderless alien who represents discovery and understanding across communities.” In other words, Snoo is a character virtually everyone can relate to and see themselves in. So Snoo represents Reddit, but it also effectively represents the entirety of its userbase in every shape and form. That sounds like a very good place to start for an NFT project!
And so CryptoSnoos NFTs were born! Now another major issue for many people outside of crypto is lack of familiarity with Web3 tech (which is often very convoluted and clunky). So, in order to make CryptoSnoos more available and allow wider participation, Reddit took steps to simplify the process insomuch as possible. Here’s how it works:
You can find out more about CryptoSnoos NFTs by clicking here .
OK, so it isn’t completely simple. You still need to have a MetaMask wallet, and you have to have some idea of how OpenSea works. That said, once you win an auction on a CryptoSnoo, you become the official owner, which allows you to use your CryptoSnoo as your avatar on Reddit. For many redditors, bragging rights like this are top of their priority list, and I have to admit that these custom avatars do look pretty damn awesome.
Hold Up, These Are From Last Year?
OK, you got me. Yes, CryptoSnoos actually released in June 2021, and only four were ever created. At the time, the most expensive one went for 175 ETH (nearly $400,000 USD). So only four people (at most) actually own a CryptoSnoo. So why does Reddit have so many wallets? Well, it isn’t CryptoSnoos. In fact, the rise in crypto wallets on Reddit stems from their latest Collectible Avatars . The difference here is as follows:
“A Collectible Avatar is a limited-edition, blockchain-backed avatar. Our first release was designed by Reddit creators, and available for sale via the Avatar Builder. This latest release is completely free, and being handed out to our top community members.”
There you have it. Interestingly enough, Reddit haven’t actually used the term “NFT” here but have called these collectible avatars “blockchain-backed.” I dunno, that sure sounds a lot like an NFT to me? Anyway, only top Reddit contributors with enough karma and engagement qualify for a Collectible Avatar. Moreover, if you want to claim your avatar, you’ll have to set up a Reddit Vault wallet in order to do so. And, well, there’s your answer. This is precisely what’s led to the major uptick in Reddit’s crypto activity and why it has surpassed OpenSea…because the focus isn’t money. It’s community!
NFTs Succeed When You Don’t Call Them NFTs!?
Yeah, semantics obviously has a lot to do with success from the looks of things! Oh, and for those of you who are worried about the impact these free little NFTs have on the environment, it’s basically zero. That’s because Reddit’s NFTs exist on Polygon , which is carbon neutral (and soon to be carbon negative). It’s pretty tough to criticize something that technically doesn’t hurt anyone or anything and only leaves users with a sense of being appreciated, included and special. That’s exactly how you win the day my friends.
Reddit has managed to bring credibility, fun and authenticity to the world of NFTs which typically conjures up notions of scams, rugpulls and environmental calamity. And don’t forget that it’s a bear market! Needless to say, the marketing people over at Reddit are geniuses, and I sincerely hope they’ll be getting a fat bonus this festive season (that’s just around the corner. How about some Christmas Reddit NFTs yo?)
So what do you think of Reddit’s free Collectible Avatars? Is this really a brilliant move? Or is there really no point if you can’t make stacks of cash? Let us know your thoughts!