Reddit is onboarding millions of people to NFTs with its Collectible Avatar collection. The project features artwork from over 100 leading artists, from meme masters to avant-garde graphic designers. Each artist lent their talents to designing NFTs based on the popular website\u2019s mascot, a small alien named \u201cSnoo\u201d.<\/p>\n
Since launching in August 2022, the collection\u2019s blistering volume has only been outmatched by its controversy. Many of the site\u2019s 55m daily users immediately questioned the decision to enter Web3, asking why the social media giant would support anything related to the oft-maligned crypto industry.<\/p>\n
On the other hand, fans of the collection have overwhelmed Reddit\u2019s NFT marketplace with demand, forcing the website to shut down at times due to unmanageable traffic. Despite any controversy, there is undoubtedly massive interest in the collection. To date, over seven million unique wallets have purchased Collectible Avatars since the project launched in August 2022.<\/p>\n
The huge scope of the collection has also created confusion as well, however, and many aspiring NFT collectors ended up with more questions than digital assets. How much are Reddit NFTs? What are the best NFTs to invest in? How do you sell Reddit NFTs? These are just some of the dilemmas new and experienced NFT investors have been faced with.<\/p>\n
We\u2019ve broken it all down for you, though! To learn more about Reddit NFTs, please continue to read below and learn what you need to know about the biggest new NFT project on the blockchain.<\/p>\n Reddit understood one thing about its community from the beginning\u2013 many of its users dislike NFTs. As a response, the California-based tech company decided to downvote the term \u201cNFT\u201d in favor of the term \u201cdigital collectible\u201d.<\/p>\n This somewhat Orwellian tactic was a success. For the most part, the community bought in, helped in part by the idea they were buying \u201cdigital collectibles\u201d and not giving to the NFT craze.<\/p>\n Furthermore, Reddit also viewed crypto terminology as unnecessarily complicated. The decision to move away from the term \u201cnon-fungible token\u201d also came from a desire to simplify the language around NFTs. In Reddit\u2019s opinion, avoiding crypto jargon would help to minimize confusion for its users.<\/p>\n Reddit\u2019s first NFT drop consisted of 90 different designs with a total of 40,000 individual NFTs. The mint prices ranged between $9.99 to $99.99 and sold out in about a month. Strong secondary sales followed as many Reddit users paid premiums for artwork from their favorite artists.<\/p>\n From there, Reddit stuck to the first rule of Web3\u2013 people like free NFTs. The social media giant rewarded its most loyal users, people with a large amount of \u201cKarma\u201d, by airdropping them free Avatars<\/a>. By rewarding these power users, Reddit found an easy way to help the NFT collection gain traction with the social media site\u2019s most loyal supporters.<\/p>\n The move was so popular that over 3 million Reddit users have signed up for crypto wallets to date. This number is especially impressive given that OpenSea, the world\u2019s biggest NFT marketplace, only has 2.3m connected wallets.<\/p>\n It came as no surprise, therefore, that Collectible Avatars almost instantly reached the top 10 list for OpenSea volume rankings. Some people bought them to flip, seeing the collection as an opportunity to ride Reddit\u2019s popularity for a quick profit. Other people bought them to use as PFPs on Reddit itself, and some people bought them to hold long-term in case early-generation Reddit NFTs ever become historically significant collector\u2019s items.<\/p>\n Either way, Redditors quickly flooded OpenSea with trading volume. Almost overnight, Reddit managed to create the biggest Web3 community in existence.<\/p>\n Reddit continued its hot streak by partnering with the NFL to release Super Bowl-themed Collectible Avatars<\/a>. Football fans could claim one NFT per account for free. There were four team options to choose from including the Chiefs, Eagles, The Champs, and LVII Super Fans.<\/p>\n The partnership was another success. Redditors minted over 2.1m Avatars and the project with an astounding 99% unique owner count. This hasn\u2019t translated to lasting resale value, however. The current floor of the collection sits at .03 MATIC, good for a paltry 3 cents.<\/p>\n Collectible Avatars is a huge collection with over 3.7m NFTs. For the most part, however, Collectible Avatars are still affordable. Of the 7,400 listings available on OpenSea, there are 5,314 NFTs available to purchase under .25 ETH.<\/p>\n As of today, the least expensive Collectible Avatar outside of the Super Bowl collection costs .004 ETH or around $8. Many NFT insiders point to the project as an example of what we can expect from NFTs in the future. Instead of having PFPs worth thousands of dollars, many believe, we\u2019ll see the widespread adoption of digital identities represented by inexpensive, readily-available NFTs.<\/p>\n The highest sale for a Collectible Avatar came from the \u201cThe Senses x Reddit Collectible Avatars\u201d collection by the artist Rojom. A buyer paid 30 ETH, worth about $38,000 at the time, for one of Rojom\u2019s NFTs in October 2022.<\/p>\n Rojom\u2019s NFTs command the highest prices currently. Redditors seem to like his dark, somewhat creepy aesthetic. A handful of his NFTs have standing offers of 2.75 ETH as of today.<\/p>\n Other highly-sought after collections include the Midas Touch series by the artist poieeeyee, the Diamond Diablo avatars by Shutter, and The Assembler NFTs by Conall Murray. Each of these collections has wETH offers ready to accept over .5 ETH.<\/p>\n Anyone can buy Reddit NFTs on OpenSea. Additionally, buyers can purchase Collectible Avatars on Reddit\u2019s own marketplace after first starting a Reddit account.<\/p>\n Part of the reason for the Collectible Avatars\u2019 success comes from Reddit\u2019s ability to simplify the onboarding process. For example, Reddit offers a built-in crypto wallet called a Vault<\/a>. The Vault functions much like MetaMask and other Web3 wallets but also connects to users\u2019 profiles. It also allows users to purchase NFTs using credit cards, a huge breakthrough for someone unfamiliar with handling crypto and NFTs.<\/p>\n To make things even easier, they also partnered with layer 2 blockchain Polygon to keep gas costs low. Avoiding expensive gas fees helps to incentivize huge amounts of small purchases. It\u2019s always hard to explain to people that transaction costs on Ethereum sometimes costs more than the value of the item they\u2019re purchasing. By partnering with Polygon, Reddit managed to sidestep this pain point and help create a remarkably user-friendly approach for anyone new to Web3.<\/p>\n Reddit recently released the third generation<\/a> of Collectible Avatars. The newest drop was the biggest one yet with collections from over 100 artists, including one from \u201cNyan Cat\u201d creator Chris Torres. Like the previous two releases, demand was strong and the NFTs sold out quickly.<\/p>\n While Reddit hasn\u2019t announced a fourth-generation drop yet, it seems almost certain that it\u2019s coming soon. The social media company has already made $74m in revenue from NFTs alone, good for 17% of the company\u2019s $424m total revenue. Given the already enormous size of the Collectible Avatars collection, we can safely assume the San Francisco-based tech company is not worried about diluting its product.<\/p>\n![\"Reddit](\"https:\/\/nftevening.com\/wp-content\/uploads\/2023\/04\/poieeeyee-NFTs.png\")
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