Your guide to Bitcoin, Ethereum and Web 3.0
Reddit’s Collectible Avatars project is a good example of an effective one Web3 on-ramp, as the discussion platform has delivered millions of free NFTs to users in recent months. And thanks to a new partnership with the NFL for free Super Bowl NFTsReddit is about to reach another major milestone.
Approximately 1.3 million of the official Super Bowl LVII NFT avatars have been minted since Monday’s launch, including more than 500,000 on Tuesday alone. Users have now made their mark nearly 10 million of Reddit’s Collectible Avatar NFTs to date, according to public blockchain data available on Dune, which currently tops 9.7 million in total.
The Super Bowl avatars were offered free to all Reddit users, who can claim one of four unique avatar styles — including those for the Kansas City Chiefs and Philadelphia Eagles — through the Reddit platform at no charge. Reddit’s collectible avatars are stamped on Polygonone Ethereum sidechain network that enables cheaper, faster transactions.
Because they’re free avatars, Reddit’s Super Bowl NFTs don’t generate much trade. Secondary market prices start at just 0.18 MATIC ($0.23) on the top NFT marketplace Open seaand the platform has only traded around 5 ETH ($7,600) for the NFL collection since launch.
The biggest draw of Reddit’s NFT program, for many Web3 advocates, is that it brings people into the space in an accessible way. Reddit users can simply click a button, select the avatar they want from the collection, select a password for a newly created wallet, and they’re good to go. The avatars can optionally be transferred to an external wallet and then exchanged or sold.
More than 6.6 million unique wallets now feature Reddit’s Polygon avatars, according to data available on Dune, including about 500,000 new wallets created this week during the Super Bowl campaign.
In addition to millions of free NFT avatars, which were originally given to heavy Reddit users last summer and gradually opened up to a larger audience on the site, Reddit has also sold premium NFTs from a variety of artists. All of the NFTs are based on Snoo, Reddit’s cartoon Romanian mascot.
These premium NFTs caused a short time an increase in sales and prices last October after Reddit revealed it more than three million wallets had been created to collect the avatars. To date, Reddit’s avatars have generated about $13 million in secondary market trades.
