The online message board community Reddit is famous for its perky mascot, Snoo. You have most likely seen it as the profile picture of hundreds of Redditors that use Reddit’s Avatar Builder. It’s Reddit’s attempt at displaying their users’ identity on the website. The popularity of the Avatar Builder made Reddit partner with different artists to launch the Blockchain-backed Reddit Collectible Avatars!
What is a blockchain-backed collection? Well basically, it’s an NFT collection.
Why Is Reddit into NFTS?
Reddit’s initial vision of the project was to empower artists by monetizing their works as collectibles on the NFT market. This way, artists will be paid for every Collectible Avatar sold on Reddit AND every Collectible Avatar resold somewhere else!
What Are Reddit Collectible Avatars?
Reddit Collectible Avatars are “limited-edition Avatars made by independent artists in partnership with Reddit.” The Avatars are artistic variations of the website’s mascot Snoo. Since the partnership includes various artists, a wide range of unique and visually stylized Snoos are available for purchase. After the initial release, four Reddit Collectible Avatar charted on Opensea’s Top 10 list for 24 hour trading volume. The latest collections are halloween-themed titled Spooky Season. The most notable one is Pioeeeyee’s Spooky Season: Poieeeyee x Reddit Collectible Avatars that surpassed CryptoPunks , taking its number one spot on Opensea’s Top list by 24-hour trading volume, with 700+ ETH in total volume!
Other popular Reddit NFT collections are The Senses x Reddit Colectible Avatars by Rojom and Foustlings x Reddit Collectible Avatars by Tyler Foust. There are endless collections to choose from. Keep in mind that after purchasing a Collectible Avatar, you can further customize it in the Avatar Builder!
How to Buy Reddit Collectible Avatars
The cool thing about owning a Collectible Avatar is that, initially, you didn’t have to buy it using Cryptocurrency, making them available for everyone!. Even though they “are powered by non-fungible tokens (NFTs) on the Polygon blockchain”, Reddit is keeping away from using cryptocurrencies for transactions. Instead, initially, you could buy them using government-issued currency just like buying Reddit Coins or Premium. The bad news is, first hand sales are not available anymore in the Collectible Avatar Shop since they are all sold out.
However, if you want to own a Collectible Avatar, you first need to:
- Be a member of Reddit by Signing Up on the website.
- Have a Vault, which is your digital wallet on Reddit where you will store the Avatars..
- Find secondary sales of Collectible Avatars on OpenSea.
Reddit Hyping up Their NFTs
The community on Reddit is NOT a big fan of NFTs. The hatred for everything Web3 can be seen melting of each word in the NFT subreddit. So, how come Reddit decided to delve into this NFT hating mayhem with its Collectible Avatars? That’s strategic planning!
Reddit knew what they were doing when releasing The ABCs of NFTs, realizing that more than half of their users are open to buying NFTs from their favorite brands. Reddit then partnered with various artists that use the platform to create unique digital avatars of the mascot Snoo. That gave the NFT owners a type of licensing agreement in terms of intellectual property. The strategy was to market the collections as Digital Collectibles, dancing around the word “NFT”. In fact, the word NFT was not once mentioned in the initial announcement!
Reddit x Twitter Reactions
The “Digital Collectible” marketing strategy worked. Redditors jumped into the hype of the NFT market. Also, NFT traders were buzzing about the collectibles at the initial release. However, Reddit’s community members soon figured out Reddit’s scheme. They took to subreddit form and posted memes about Reddit’s attempt at selling NFTs as Digital Collectibles.
Even Twitter had their fair share of Reddit’s Digital Collectibles memes. Users voiced their opinions on the platform regarding Reddit’s Collectible Avatars. Some praised the collections for surpassing BAYC in 24 hours, making NFT history. While others commented on the hypocritic nature of Reddit users that suddenly took interest in the NFT universe.
How Are Reddit’s NFTs Doing So Far?
Reddit initially sold their Collectible Avatars for fixed price points ranging from $10 to $100 apiece on the site. However, some NFTs were available to own for FREE. Reddit dropped collections like Meme Team, The Singularity and many more for free to their users. There are about 3 million of those NFTs available for secondary sale for a very low price on Opensea.
Reddit’s Collectible Avatars have reached $2.5 million in the past 24 hours to reach $6.1 million in total volume according to Dune.
You can either post funny memes about the Reddit Digital Collectible fiasco or you could be the proud owner of a unique Reddit Collectible Avatar. The choice is yours!