New collection of NFT Reddit: the social network attacks Web 3

Reddit, one of the world’s most popular social networks, is taking its first step into Web3 by launching its own collection of NFTs. With a successful marketing campaign, it’s close to 3 million again wallets DeFi created in days. Let’s retrace the release of these little avatars, which have been awaited for several years.

A first NFT collection

It’s June 2021, when a user by the name of u/Veromonious will announce through a post on the r/Cryptocurrency forum, the release of 4 Unique NFTs on Opensea. Caught off guard, users will have the opportunity to participate in auctions of these CrytpoSnoosmarking the history of the site.

First series of NFTs released by Reddit: CryptoSnoos

Sold at exorbitant prices, only four users will obtain these non-fungible tokens, allowing them to display them in personal avatar directly on the site. Of the NFT that will make a lot of noise, especially through a platform that was reluctant to take the plunge and offer products / services focused Web3.

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A second NFT collection at the top of the board

But, it is only at the end of 2022 that Reddit will take over the world of DeFi, until it slips into the top sales of the famous opensea marketplace.

Everything will start with the release of “Gen 1” of NFTs, on the platform RedditFloor. These avatars, created by artists of the community, will have the particularity of being able to be modular, with the possibility of mixing the accessories between them.

Their usefulness? Be able to display them as a profile picture, modify them and send them between different blockchains. Rather playful, but still not convincing for Reddit users, who will take several weeks to sell the stocks of this 1st generation collection.

Examples of Collectibles Avatars offered by Reddit

However, it is in the last few days that things will take a completely different turn. By announcing the release of “Gen 2”, consisting of 31 sets and more than 86,000 NFTs, the enthusiasm was explosive. Half will be distributed in the form of Airdropto the most active users of the platform, while the other half will be put on sale on the market and will sell out in less than 24 hours.

taking advantage polygonthe network chooses to host the collection, Opensea will also be the big winner of this operation, recording more than 2.5 million dollars in daily trading volume just for these Reddit NFTs.

Graph showing daily trading volume on Opensea Polygon
Volume of the number of daily transactions on Opensea Polygon

Reddit: a mainstream strategy

Reddit is indeed the first social network to offer an NFT service own to them. Unlike Twitter where you can display any collection as a profile picture, Reddit increases their legitimacy by not offering than their collections on the platform.

In addition, by replacing the traditional Web3 vocabulary with a more affordable and less marketing-oriented vocabulary, user adoption was a great success. NFTs therefore become “ collectibles“, the wallets become “ coffers » and the tokens become « rooms“.

Presentation interface of the decentralized wallet presented by Reddit

Witnessing the successful introduction of the 5th largest site in the United States in the Web3 is good news for the ecosystem Challenge and his mass adoption. This style of NFT integration is likely to inspire more than one platform, helping them take the plunge, as Reddit did so well.

So what will they offer in the future? Whether for a 3ᵉ generation or for the launch of new decentralized products or services, one thing is certain, Reddit will continue to innovate, while rewarding its most loyal users.

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New collection of NFT Reddit: the social network attacks Web 3

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