Reddit and NFL release Super Bowl LVII collectible avatars
The Alpha:
- Reddit’s Collectible Avatars (which are definitely not NFTs) are back. After teasing their release last week, the social media platform dropped the Super Bowl LVII x Reddit Collectible Avatar Collection yesterday in partnership with the NFL.
- The NFTs are free and, like Reddit’s previous drops, give their owners unique benefits on the platform. Users can choose from four types of NFTs to mint: an Eagles, Chiefs, The Champs or LVII Super Fans collectible. Redditors are limited to creating one per account. So far, more than 651,800 of the avatars have been minted.
- Currently, the collection has a floor price of 0.0002 ETH on OpenSea, having generated 3 ETH in trading volume.
Dive Deeper:
Reddit made headlines in 2022 with the release of its first NFT collections. The CryptoSnoos NFTs, called Collectible Avatars, were based on the social media platform’s mascot, Snoo, and were designed by both independent artists and Reddit creators. The avatars allowed users certain platform benefits, including unique profile animations, and gave holders something of a CC0 license to use the avatars as they saw fit.
The NFTs seemingly came out of nowhere and quickly blew up the NFT space, generating over $12.5 million in sales volume and serving as one of the largest Web3 events in blockchain history. Helping Reddit achieve this was their strategy of completely avoiding using the term NFT in any press they put out, instead opting to call the tokens digital collectibles. This playbook was not only a huge success, but it also provided some of them the best comedy The web3 site has ever seen.
What will be next
This new collection comes at a precarious time for the NFT and crypto space. Reddit’s rise came before the catastrophic fall of Sam Bankman-Fried’s FTX, an event that turned already precarious mainstream sentiment toward the crypto-kingdom into outright hostility. Regardless, it’s little surprise that Reddit is pushing ahead with its NFT experiments, given its fall 2022 success.
Reddit may be taking a small page out of Candy Digital’s playbook in partnering with the NFL to try to expand the collectibles’ reach to the league’s fans. Candy Digital is another platform that has had a lot of success working with Major League Baseball and MLB Players Inc. to help them roll out their Web3 initiatives, perhaps in part because they have also avoided calling NFTs by their technical names.
