Michael Anderson, cofounder of the crypto-focused venture firm Framework, said NFTs need to offer value beyond pure speculation. By early October, there were more than 3,500.
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One of the moderators, who asked to be identified as “Matt” due to the value of his holdings, joined in August because he wanted to figure out how to get his free airdrop. Meanwhile, the r/avatartrading subreddit was flourishing. “Remember when Reddit Avatars were considered a huge fail and everyone was making fun of them?” wrote one user on a different subreddit, r/cryptocurrency. “Yeah, that aged like milk in an incubator.” The collectible avatar initiative, once slow to take off, was proving a success. 3, after hovering around just $40,000 a month before. Sales volume also was increasing: According to data from Polygon Analytics, total sales passed $1 million on Oct. 3, the first generation of avatars sold out. “You didn’t really have to know anything about blockchain or seed phrases or wallets.” “That’s the thing that I really loved about what Reddit did-the barrier of entry was minimal,” Ethan said. He learned how to collect his free avatars and even bought a couple from the first generation that launched in July, which were still available. Best of all, the transaction costs, or gas fees, were low, a barrier that initially turned Ethan off from NFTs. He eyed one by an artist called Le Rock with a guitar that he could use in his profile picture-he plays guitar himself. ‘You didn’t really have to know anything’Įthan liked that he could use different elements from different avatars to make his own. Rojom’s avatars initially went for under $100 when listed on Reddit’s shop, although they’re now selling for thousands on OpenSea.
His favorite was named Rojom, a bestseller on Reddit who makes surreal black-and-white versions of Snoo with a blend of body horror patterns and religious iconography. He began to learn about the different artists involved, even joining the r/avatartrading Discord server so that he could chat with them. What caught his attention was the rapid growth of the r/avatartrading subreddit, an unofficial community where users gathered to share tips and make offers for their preferred artwork.
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To spur more traction, Reddit began to airdrop the avatars for free to power users in August, which Ethan saw, but he still kept his distance. Instead, they would use blockchain-powered wallets built into the Reddit platform-branded “vaults”-that already were integrated into other aspects of the platform, like community points.Įthan has been a Reddit user for over 11 years, but like most people, he didn’t notice the July announcement. All purchases could be made with fiat currency, and users wouldn’t have to set up crypto wallets. Reddit also took steps to avoid some of the jargon and difficulty of NFTs. Purchasers would have the rights to use the art on and off Reddit, and the avatars would be stored on the Ethereum-compatible Polygon, meaning purchasers would have “ownership and portability.” In other words, they could sell them on secondary markets like OpenSea. The announcement post detailed the benefits of blockchain in simple terms. “We are exploring tools to help them be even more self-sustaining and self-governed.” “In the future, we see blockchain as one way to bring more empowerment and independence to communities on Reddit,” a spokesperson said. It was a shrewd move to make the technology seem more accessible. As an artist, he was intrigued by the initial hype, creating an OpenSea account back when NFTs first blew up. Just a few months ago, he would’ve had the same befuddled reaction as his wife at spending hundreds for illustrated avatars. ‘Widely hated’Įthan encapsulates how the social media platform managed to pull off the unlikely success story. By allowing artists to create designs of its signature avatar, mint them on the Ethereum-tied Polygon blockchain, and sell them to users who want them as profile pictures, Reddit has onboarded millions of new wallets into the crypto ecosystem and driven millions of dollars in sales, all while avoiding that dreaded label: non-fungible token. The Reddit drop defies all logic of Crypto Winter, in which overall NFT trading volumes have collapsed by as much as 99%. The frenzy around the drop, which Reddit named the Spooky Season Collectible Avatars, recalls a rosier era of crypto, circa January 2022, when NFTs were all the rage and people were splashing out millions of dollars, often outbidding one another, to buy pixelated JPEGs of bespectacled primates.
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