A few months ago, just the thought of Reddit Avatars possibly joining the line of most popular non-fungible tokens (NFTs) in the Web3 space probably would have been dubbed as impossible, and ridiculous. At least, not in such a short period.
Fast forward, the social media giant proved the sceptics wrong after it successfully broke a phenomenal record, hitting an all-time high in trading volume.
THE FIRST WASN’T EXACTLY THE MOST HIT
The introductory collections of Reddit Avatars were released in early July this year. The first generation included one of its most prominent avatars, The Senses, which had been brought for trading into major marketplaces such as OpenSea.
The collections were limited in size, thus easing the adoption process among collectors due to the perceived rarity. Regardless, it didn’t get to ride on the crest of a wave of popularity that later would be made possible through the second-generation collections of Reddit Avatars.
LITTLE DID REDDIT KNOW…
On October 21st, the social media giant released the second generation of Reddit Avatars and surprisingly sold 40K pieces in less than a day!
In contrast to the first-generation collection, the introductory Reddit Avatars took months to sell out. Nonetheless, the first-generation collections are now selling at 50 times the initial prices at OpenSea!
Regardless, it’s been a tricky process to tackle the hearts of the Reddit community in getting into non-fungible tokens (‘disguised’ as Reddit Avatars) created by the platform with Reddit-native artists.
Previously, the aforementioned community has been synonymous with being anti-NFT since the early days of its existence. Yet, the scepticism finally came to an end once the platform granted its users free Reddit Avatars in their ‘Vault’ (wallets).
Undeniably, most users opened those wallets to claim their Reddit Avatars airdrop. Alongside the initiative, Reddit also rewarded its most active users.
The move has been surprisingly efficient, leading to a huge number of Reddit Vaults created, and even surpassing users on the gigantic NFT platform, OpenSea.
According to Reddit CPO, Pali Bhat, three million Redditors have used the platform’s Vault to create over three million crypto wallets to date. Most of the Vaults were created to purchase Reddit Avatars that can be used as profile pics on the platform.