Reddit converts its community to Web3

After an initial sale of NFT avatars, Reddit releases a new collection and continues to spread Web3. According to our information, the platform with 3 million crypto wallets wants to be placed in the Sandbox.

Slyly released during the summer of 2022 and sold at a price range ranging from $10 to $100, the first edition of Avatars NFT from the Reddit platform took a long time to find its audience, before finally selling out completely in early October 2022. Since the end of this sale, on the other hand, there has been excitement about these avatars drawn by the chosen ones by hand artists: on the secondary market OpenSea, series senses of the artist Rojom thus generated on October 20, 2020 a volume of 262 ethers (ie approximately 347,000 euros) with sales reaching 5000 Where even more than 15 thousand euros for some units. Among the other series on view, the one with the title The Foustlings by artist Tyler Houst generated a volume of 271 ethers (ie more than 360,000 euros) with one unit in particular selling for more than 15,000 euros September 28 or another for more than 4000 euros October 16. In total, the 29 series of this first collection generated nearly 2.3 million euros in sales on the secondary market, 5% of which were donated equally in the form of royalties to the platform and the designers.

NFT Reddit avatar from “The Senses” series. © Guard

For Reddit, a platform worth $10 billion in 2021 and generating about $440 million in revenue in the same year according to Statistics, the turnover from these NFTs is negligible, but the essential is not there. The ambition is to make its audience, strong at 430 million monthly visitors and 52 million daily users in 2020, aware of Web3 technologies. To do this, since 2020, it has allowed all users of its mobile application to create a “Vault”, ie. a cryptocurrency wallet in order to transfer specific tokens to certain subreddits: Moons from the r/Cryptocurrency subreddit and Bricks from the r/Fortnite subreddit. Today, the platform recorded “opening of 3 million wallets,” according to its director of product communications Tim Rathschmidt, contacted by JDN. According to him, NFTs have contributed greatly to “this adoption” as “a good part of these portfolio creations have happened in the last three months”.

“We’re focused on how these avatars can be used on and off Reddit”

On October 18, the network confirmed in a post the release of a new edition of NFT avatars, proving its desire to establish a long-term presence in the sector. Additionally, if the information has since been removed from the site, the company was still looking for some engineers on October 17th for an NFT platform, as shown the Wayback Machine archive site.

In fact, according to information obtained by JDN, the objective of the social network is to put these avatars in 3D to bring them to the metaverse, and more specifically to that of Sandbox, created by Sébastien Borget and Arthur Madrid and owned by Giant of Web3, Animoca brands. “Right now we’re focusing on how these avatars can be used as a means of identification on and off Reddit, that’s all,” Tim Rathschmidt told JDN. Confirmation of the full immersion of the American giant in the Web3 sector.

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