Good day everyone,
I hope you are all well and had a great week, welcome to CryptoGod-1's blog on all things crypto. Today I will be looking at the recent surge in popularity of the Reddit NFT's and how they have become a marketing machine.
What is Reddit?
By now most if not all of us in the crypto space are familiar with Reddit, but for those who are not, it is a social media plat from made of communities. Basically you create your profile and search for topics you are interested in and likely you will discover a large community of people with similar interests. All sorts are discussed, from the good to the bad to the downright ugly, and they are a collection of online forms with unique interests of their own.
The NFT Problem for Redditors
One of the more popular communities for those interested in crypto is r/cryptocurrency, which was created in March 2012. It boasts over 5 million Redditors and is one of the early adopters of crypto. All issues of crypto would be discussed, with users posting interesting topics regarding their favourite coins to their issues with other ones. A major topic of disconcert for most within the group was NFT's. They were hated by the majority of the community and a topic most would distastefully scorn why someone approached it, similar to the widespread view on Technical Analysis within the community. Many saw no use case for NFT's, questioning why someone would pay big money for a profile picture of a monkey.
Reddit’s Collectible Avatars
The official Reddit mascot has been known as the Snoo character, a customizable avatar which can be used on Reddit as ones profile avatar. Reddit decide to produce a large number of free NFTs minted on the polygon Blockchain which were based on the Snoo character. This NFT comes with the feature of being interchangeable with different attributes and are divided into four groups:
The singularity: robot-style snoo
Meme team: crazy meme term snoo
Drip squad: street-style dressed snoo
Aww friends: pet-style snoo
Along with the NFTs, Reddit created 2.3 million decentralized wallets for its active user base in the very short span of 3 months. It did so successfully making its 2.3 million active wallets larger than the Opensea traders population, and in doing so left a large imprint on the crypto space. The avatars were air-dropped to a variety of Reddit users who were very active on many subreddits, and have taken off in terms of sales on Opensea. The beauty of these NFTs is that owners can mix and match traits like hands, props, head, body and legs, meaning it’s interchangeable similar to Fortnite skin customization.
In It For The Art
Once the first batch was fully released and reddit decided to continue, proving they can produce and grow their strong community. People are willing to purchase their collectable avatars, and brought out a Halloween edition of collectable avatars. Some people did not sleep for 3 days in anticipation of the new avatars, and to ensure they would get the ones they wanted. It took less than 24 hours for the entire collection to be sold out, wwith popular artists ones selling out in minutes.
People think NFT's are silly monkey based pictures, but Reddit has changed this perception. People do it for the fun of it in Reddit communities, either to be part of the community or because the enjoy the interchangeability of the avatars. If you have a use case for your NFTs people will flock to you no matter what, and we are seeing other social media platform such as Twitter and Instagram take note. It will be interesting to see if people continue to view NFT's as a quick way to flip images for money, or if they will truly be in it for the fun and love of art.
I hope you enjoyed the read, have a great day.
Peace. CryptoGod-1.
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