Nobody wants to hear about NFTs anymore. The fire was short-lived and today it’s little more than a splurge. They know this well from Reddit, but that hasn’t stopped them from wanting to take advantage of them. This is what we can learn from this initiative. Some collectible avatars based on blockchain technology, used by millions of users. It’s a resounding success of NFTs, without the need for financial speculation or even having to call them that.
Reddit shows the way. In just three months, Reddit has over 2.5 million accounts using crypto digital wallets to manage their avatars. Reddit explains that these are based on the Polygon blockchain and are collectible tokens that can be linked to the profile, collected or exchanged. They are full fledged NFTs, but never focused on marketing or price, just having a “cooler avatar” to join the community. As well as using these avatars on other platforms.
By Data from Polygon DailyReddit has surpassed OpenSea as the platform with the largest collection of NFTs. Nearly three million collectible avatars have been created and distributed since mid-October, and more than 1,000 40,000 different avatars they have run out. In just a few months, Reddit has positioned itself as one of the largest Web3 communities in the world.
Let’s explore 👇 pic.twitter.com/440xCkWtuf
— Polygon Diary 💜 (@PolygonDaily) 25 October 2022
Addition is not speculation. It may change in the future, but so far, Reddit avatars have remained in a field where collecting is what sets the trend for change. It is a very representative fact that 98% of respondents have only one NFTyour favorite avatar.
We’re not dealing with users who have multiple avatars and change them to see which one drives up the price. We are dealing with avatars with their own NFT, but in many cases the personal value to the user is much more important than its potential economic value.
The trick is: a simple interface. Many Reddit users are inexperienced with blockchain and nothing will happen. Fortunately, we see that it is possible for a company to leverage the capabilities of Web3 without forcing users to learn about wallets, private keys, or MetaMask.
Reddit has created the ‘Vault’ where it is possible to manage these avatars. It is a digital wallet, but when it comes to its use, it is not overly different from the Reddit profile itself. The Reddit app itself for iOS or Android is required to access avatars.
Forget the word NFT to succeed. “We decided to make the experience as accessible as possible,” Neal Hubman, global director of client solutions at Reddit, told Adage. “It’s actually about seeing what the technology has to offer, beyond all the jargon that’s always been around.”
Once the hype for this new technology has subsided, it’s time to see which projects make sense. Blockchain-based infrastructure can get complex, but every company does a good job of providing it to users in a simple way. Just as Reddit favored avatars, companies like Starbucks have launched similar projects, this time with “stamps.”
The basic idea is the same: NFTs can be a useful tool for many collections. We’ll see if they manage to attract more of the collector side from the speculator.
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Alice Smith is a seasoned journalist and writer for Div Bracket. She has a keen sense of what’s important and is always on top of the latest trends. Alice provides in-depth coverage of the most talked-about news stories, delivering insightful and thought-provoking articles that keep her readers informed and engaged.