The Complete Guide to Reddit NFTs

Reddit is bringing millions of people to NFTs with its Collectible Avatar collection. The project features artwork from over 100 leading artists, from meme masters to avant-garde graphic designers. Each artist lent their talents to design NFTs based on the popular site’s mascot, a tiny alien named “Snoo”.

Since its launch in August 2022, the sheer volume of the collection has only been surpassed by controversy. Many of the site’s 55 million daily users immediately questioned the decision to join Web3, asking why the social media giant would support anything related to the oft-maligned crypto industry.

On the other hand, fans of the collection have overwhelmed Reddit’s NFT marketplace with demand, forcing the site to shut down at times due to unmanageable traffic. Despite any controversy, there is undoubtedly massive interest in the collection. To date, over seven million unique wallets have purchased Collectible Avatars since the project launched in August 2022.

However, the sheer scale of the collection has also created confusion, and many aspiring NFT collectors have ended up with more questions than digital assets. How much are Reddit NFTs? What are the best NFTs to invest in? How do you sell Reddit NFTs? These are just some of the dilemmas new and experienced NFT investors have been faced with.

However, we’ve broken it all down for you! To learn more about Reddit NFTs, continue reading below and learn what you need to know about the biggest new NFT project on the blockchain.

Reddit avatars – non-fungible tokens or digital collectibles?

Reddit understood one thing about the community from the beginning – many of its users dislike NFTs. In response, the California-based tech company decided to drop the term “NFT” in favor of the term “digital collectible”.

This somewhat Orwellian tactic was a success. For the most part, the community bought in, helped in part by the idea that they were buying “digital collectibles” and not giving into the NFT craze.

Furthermore, Reddit also saw crypto terminology as unnecessarily complicated. The decision to move away from the term “non-fungible token” also came from a desire to simplify the language around NFTs. In Reddit’s opinion, avoiding crypto jargon will help minimize confusion for users.

Reddit onboards 3 million users through free NFTs

Reddit’s first NFT release consisted of 90 different designs totaling 40,000 individual NFTs. Coin prices ranged from $9.99 to $99.99 and sold out in about a month. Strong secondary sales followed as many Reddit users paid premiums for artwork from their favorite artists.

From there, Reddit stuck to the first rule of Web3 – people like free NFTs. The social media giant rewarded its most loyal users, people with a large amount of “Karma”, by sending them free Avatars. By rewarding these superusers, Reddit found an easy way to help the NFT collection gain traction with social media’s most loyal supporters.

The move was so popular that over 3 million Reddit users have signed up for crypto wallets to date. This figure is particularly impressive given that OpenSea, the world’s largest NFT marketplace, only has 2.3 million connected wallets.

Reddit digital avatars reach top 10 on OpenSea

It therefore came as no surprise that Collectible Avatars almost immediately reached the top 10 list for OpenSea volume rankings. Some bought them to flip, seeing the collection as an opportunity to ride Reddit’s popularity for a quick profit. Others bought them to use as PFPs on Reddit itself, and some bought them to keep for the long term in case early-generation Reddit NFTs ever become historically significant collectibles.

Regardless, Redditors quickly flooded OpenSea with trading volume. Almost overnight, Reddit managed to create the largest Web3 community in existence.

Super Bowl NFTs

Reddit continued its hot streak by partnering with the NFL to release Super Bowl-themed Collectible Avatars. Football fans can claim one NFT per account for free. There were four team options to choose from including Chiefs, Eagles, The Champs and LVII Super Fans.

The collaboration was another success. Redditors characterized over 2.1 million avatars and the project with an astonishing number of 99% unique owners. However, this has not translated into lasting resale value. The current floor of the collection is at 0.03 MATIC, good for a paltry 3 cents.

How much are Reddit NFTs worth?

Collectible Avatars is a huge collection of over 3.7 million NFTs. For the most part, however, Collectible Avatars are still reasonably priced. Out of the 7,400 listings available on OpenSea, 5,314 NFTs are available for purchase below 0.25 ETH.

As of today, the cheapest collectible avatar outside of the Super Bowl collection costs 0.004 ETH or around $8. Many NFT insiders point to the project as an example of what we can expect from NFTs in the future. Instead of having PFPs worth thousands of dollars, many believe, we will see the widespread use of digital identities represented by inexpensive, easily accessible NFTs.

What are the best Reddit NFTs to invest in?

The highest sale for a Collectible Avatar came from “The Senses x Reddit Collectible Avatars” collection by artist Rojom. A buyer paid 30 ETH, worth about $38,000 at the time, for one of Rojom’s NFTs in October 2022.

Rojom’s NFTs have the highest prices at the moment. Redditors seem to like his dark, somewhat creepy aesthetic. A handful of his NFTs have standing offers of 2.75 ETH as of today.

Other highly sought after collectibles include the Midas Touch series by artist poieeeyee, the Diamond Diablo avatars by Shutter and The Assembler NFTs by Conall Murray. Each of these pools has wETH offers ready to accept over 0.5 ETH.

How can I buy and sell NFTs on Reddit?

Anyone can buy Reddit NFTs on OpenSea. Additionally, buyers can purchase Collectible Avatars on Reddit’s own marketplace after first creating a Reddit account.

Part of the reason for Collectible Avatar’s success comes from Reddit’s ability to simplify the onboarding process. For example, Reddit offers a built-in crypto wallet called a vault. Vault works much like MetaMask and other Web3 wallets, but also connects to users’ profiles. It also allows users to purchase NFTs using credit cards, a major breakthrough for someone unfamiliar with dealing with crypto and NFTs.

To make things even easier, they also partnered with layer 2 blockchain Polygon to keep gas costs low. Avoiding expensive gas taxes helps stimulate large amounts of small purchases. It is always difficult to explain to people that transaction costs on Ethereum sometimes cost more than the value of the item they are buying. By partnering with Polygon, Reddit was able to circumvent this pain point and help create a remarkably user-friendly approach for anyone new to Web3.

What’s next for Reddit’s digital collectibles?

Reddit recently released the third generation of Collectible Avatars. The latest drop was the biggest yet, featuring compilations from over 100 artists, including one from “Nyan Cat” creator Chris Torres. As with the previous two releases, demand was strong and the NFTs sold out quickly.

While Reddit hasn’t announced a fourth-gen drop yet, it seems almost certain that it’s coming soon. The social media company has already earned $74m in revenue from NFTs alone, good for 17% of the company’s $424m total revenue. Given the already massive size of the Collectible Avatars collection, we can safely assume that the San Francisco-based tech company isn’t worried about diluting its product.

This sentiment fits well with statements made by Reddit CEO Steve Huffman. Huffman clarified that the goal is not to try to “sell NFTs to crypto people to make a bunch of money.” Instead, the company’s motivation is to build “identity and reputation” into society.

This idea of ​​digital identity is fundamental to Reddit’s Web3 strategy going forward. As part of this approach, Reddit has also introduced an avatar builder that allows users to customize their favorite collectible avatar with hats, accessories, hair, jackets, etc. In the process, Reddit allows holders to further customize their digital identities.

Reddit is proving to be a significant player in Web3. In less than a year, the technology company has managed to create the largest community in the NFT space, getting millions of people to hold digital assets.

Our future will undoubtedly become more and more digital over time. As the successful rollout of the Collectible Avatars NFT collection indicates, Reddit is adapting to this trend better than its competitors.