Reddit just onboarded more people into web3 over the past 3 MONTHS than OpenSea has in the past 5 YEARS! How did they do it? - nfts reddit
With global markets plummeting, NFT trading volumes and crypto wallet activity are down across the board. Despite this,
They even launched a four-piece 1/1 NFT collection in June 2021. The collection was named “CryptoSnoos”, based on their iconic ‘Snoo’ logo. The NFTs sold for 70–175 ETH. The wallet setup took two clicks and the seed phrase was simply embedded into their Reddit accounts. At this stage, very few Redditors were actually interacting with their NFTs or using them to customize their PFPs.
In fact, more people have opened Reddit Vaults to collect avatars than have ever traded on OpenSea, the most popular NFT platform.Reddit Collectible Avatars Season Two launched in October and sold out within 24 hours.Sales volume skyrocketed, increasing from less than $10/day at the beginning of August to a peak of $209,000 in October. This represents a 2,089,900% increase and a cumulative sales volume of over $10m.Of the 2.869M wallets that hold avatars, just 25,009 hold more than one.
If Reddit publicly referred to avatars as NFTs, the results would have likely been less impressive. The Trojan horse style approach and dressing up NFTs in a disguise, simply using the technology as a means to an end, is where the space should go.Second, Reddit made the onboarding process hassle-free.Snoo-themed avatars which could be used to customize their PFPs.
Compare this with Twitter’s attempt to get people to use NFTs for PFPs. Twitter users needed to go to OpenSea, have a MetaMask or other wallet integrated with the platform, own crypto, own NFTs, have ETH for gas, and finally return to Twitter. Avatars enable Redditors to interact with Reddit in a non-detrimental way while supporting artists. The NFTs enhance Reddit users’ experience on the platform but are not integral to Reddit’s product.
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