Reddit Web3 Strategy

November 9, 2022

How Reddit executed their web3 strategy to 3M+ wallets

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Reddit has 3M+ wallets, 99% unique, and $100m market cap.

Their web3 strategy is working.

Here is what you need to know 🧵

Background

In July 2022, Reddit launched a collectible avatar marketplace on Polygon.
Now, there are 2.8M+ collectibles avatar holders!
Source: https://dune.com/polygon_analytics/reddit-collectible-avatars

Reddit now

  • 3m wallets (more than OpenSea)
  • 86K+ NFTs
  • 40K sold, rest free airdrops
  • Minted on @0xPolygon
  • Top avatars selling for 6.9E (highest 175E)
  • Market cap $100m
  • 24hr Volume $235k (rising)

1. Web3 Abstraction

No crypto lingo in the Reddit UX.
NFTs -> CollectiblesWallets -> VaultsTokens -> Coins
Web2-friendly setting accounts for increasing new wallets!

2. Native Integration

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)

3. Broad Distribution

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

4. subreddits culture

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.

5. EVM Composability

Reddit chose Polygon (EVM). Advantages are:
- Instant secondary market via OpenSea
- Showcases well on other platforms
- web3 tool interoperability/exit

6. Simplicity is the key

When creating a roadmap, making announcements, or interacting with community members:
make sure they are easy to understand.

7. Key takeaways for web3 founders:

Reddit did a good job on the NFT rollout.
It’s a great success to imitate from.

8. Active communities determine the NFT exposure.

Reddit got 1.5B+ registered users, half a billion active.

9. People are willing to pay for digital assets that represent their social identity.

10. This thread is inspired by @nir_III and  @robinkunz_ .

@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:
https://twitter.com/nir_III/status/1584623407575928832

Key takeaway:

Reddit did 100% out of NFT hype!

Profile pictures NFTs are just the beginning.

Looking forward to more builds in web3.

Sources

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