Reddit has 3M+ wallets, 99% unique, and $100m market cap.
Their web3 strategy is working.
Here is what you need to know 🧵
In July 2022, Reddit launched a collectible avatar marketplace on Polygon.
Now, there are 2.8M+ collectibles avatar holders!
No crypto lingo in the Reddit UX.
NFTs -> CollectiblesWallets -> VaultsTokens -> Coins
Web2-friendly setting accounts for increasing new wallets!
Reddit makes onboarding super easy.
Reddit has built-in wallets and tools.
Users can mint and customize their NFTs in the app.
(image reference ——to mariel)
No more 10K limited editions.
Reddit sent out 3M+ avatars.
It creates a market, in which some avatars worth almost nothing,
while the super rare ones keep increasing in value.
Everyone can play and get magic
The fun part is the point.
Collectors like Reddit, and players love it more!
They are having fun flexing and showing off the uniquely customized avatar.
Reddit chose Polygon (EVM). Advantages are:
- Instant secondary market via OpenSea
- Showcases well on other platforms
- web3 tool interoperability/exit
When creating a roadmap, making announcements, or interacting with community members:
make sure they are easy to understand.
Reddit did a good job on the NFT rollout.
It’s a great success to imitate from.
Reddit got 1.5B+ registered users, half a billion active.
@nir_III also comes up with next-step suggestion for reddit:
- Connect-to-Reddit wallet feature
- DAO features for subreddits
- NFT posts
Check out his original thread here:
Reddit did 100% out of NFT hype!
Profile pictures NFTs are just the beginning.
Looking forward to more builds in web3.