New NFT Reddit Collection: Social Network Attacks the Web 3

Reddit, one of the most popular social networks in the world, takes its first step into Web3 by launching its own collection of NFT. With a successful marketing campaign, it’s close to 3 million still wallets DeFi created in a few days. Let’s retrace the release of these little avatars, expected for several years.

A first NFT collection

It is June 2021, when a user named u / Veromonious will announce via a post on the r / Cryptocurrency forum, the release of 4 Unique NFTs offshore. Caught off guard, users will have the opportunity to participate in the 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 get these non-fungible tokens, allowing them to display them personal avatar directly on the site. Of the NFT which will make a lot of noise, especially through a reluctant platform to take the plunge and offer targeted products / services 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 conquer the world of DeFi, until it enters the best sales of the famous Opensea market.

It all starts with the release of NFT’s “Gen 1” on the RedditFloor platform. These avatars, created by artists of the community, will have the particularity of being able to be modular, with the possibility of mixing accessories together.

Their usefulness? Being able to view them as a profile picture, edit them, and send them in between different blockchain. Rather playful, but still unconvincing for Reddit users, who will take several weeks to sell the shares of this first-generation collection.

Examples of collectible avatars offered by Reddit

However, it is in the last few days that things will take a completely different turn. Announcing the release of “Gen 2”, consisting of 31 collections 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 go on sale on the market and will sell out in less than 24 hours.

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

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

Reddit: a mainstream strategy

Reddit it is in fact the first social network to offer an NFT service right to them. Unlike Twitter where you can view any collection as a profile picture, Reddit increases its legitimacy by not offering compared to their collections on the platform.

Additionally, by replacing the traditional Web3 vocabulary with a more accessible and less marketing-oriented vocabulary, user adoption has been a great success. The NFTs thus become ” collectibles“, The wallets become” speakers “And the tokens become” rooms“.

Decentralized wallet presentation interface presented by Reddit

Seeing the successful introduction of the 5th largest US site to the Web3 is good news for the ecosystem Challenge and its mass adoption. This style of NFT integration is likely to inspire more than one platform, helping them take the plunge, as Reddit has done very well.

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

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