Cryptos, NFT, metaverse: Reddit converts its community to Web3

After an initial sale of NFT avatars, Reddit releases a new collection and continues to spread Web3. According to our information, the platform with 3 million crypto wallets wants to deploy in The Sandbox.

Released on the sly during the summer of 2022 and sold in a price range ranging from 10 to 100 dollars, the first edition of avatars NFT from the Reddit platform took a long time to find its audience, before finally selling out in full at the beginning of October 2022. Since the conclusion of this sale, on the other hand, there has been excitement for these avatars drawn by hand-picked artists: on the OpenSea secondary market, the series The Senses of the artist Rojom thus generated on October 20, 2020 a volume of 262 ethers (i.e. approximately 347,000 euros) with sales reaching 5,000 Where even more than 15,000 euros for some units. Among the other series in view, the one entitled The Foustlings by artist Tyler Houst generated a volume of 271 ethers (i.e. more than 360,000 euros) with in particular a unit sold for more than 15,000 euros September 28 or another for more than 4,000 euros October 16. In total, the 29 series of this first collection generated nearly 2.3 million euros in sales on the secondary market, 5% of which are donated equitably in the form of royalties to the platform and the designers.

Cryptos NFT metaverse Reddit converts its community to Web3
NFT Reddit avatar from “The Senses” series. © Rojom

For Reddit, a platform valued at $10 billion in 2021 and having generated around $440 million in revenue the same year according to Statistics, the turnover from these NFTs is negligible but the essential is not there. The ambition is to make its audience, strong of 430 million monthly visitors and 52 million daily users in 2020, aware of Web3 technologies. To do this, since 2020 it has allowed all users of its mobile application to create a “Vault”, i.e. a cryptocurrency wallet, in order to transfer specific tokens to certain subreddits: Moons from the r/Cryptocurrency subreddit and Bricks from the r/Fortnite subreddit. Today, the platform recorded “the opening of 3 million wallets”, according to its director of product communication Tim Rathschmidt, contacted by the JDN. According to him, NFTs have largely contributed to “this adoption” since a “good share of these portfolio creations have taken place in the last three months”.

“We are focused on how these avatars can be used on and off Reddit”

On October 18, the network confirmed in a post the release of a new edition of NFT avatars, attesting to its desire to establish a long-term presence in this sector. Moreover, if the information has since been removed from the site, the company was still looking for several engineers on October 17 for an NFT platform, as indicated the Wayback Machine archive site.

In fact, according to information obtained by the JDN, the objective of the social network is to deploy these avatars in 3D to bring them to the metaverse, and more specifically that of The Sandbox, created by Sébastien Borget and Arthur Madrid and owned by the Web3 giant, Animoca Brands. “Right now we’re focusing on how these avatars can be used as an identity tool on and off Reddit, that’s all,” Tim Rathschmidt told JDN. Confirmation of full immersion of the American giant in the Web3 sector.

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Cryptos, NFT, metaverse: Reddit converts its community to Web3


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