The Alpha:
- Reddit’s Collectible Avatars (that are positively not NFTs) are again. After teasing their launch final week, the social media platform dropped the Super Bowl LVII x Reddit Collectible Avatar assortment yesterday in collaboration with the NFL.
- The NFTs are free and, like Reddit’s earlier drops, present house owners with distinctive advantages on the platform. Customers can select between 4 kinds of NFTs to mint: an Eagles, Chiefs, The Champs, or LVII Super Followers collectible. Redditors are restricted to minting one per account. Up to now, greater than 651,800 of the avatars have been minted.
- At present, the gathering has a ground worth of 0.0002 ETH on OpenSea, having generated 3 ETH in buying and selling quantity.
Dive deeper:
Reddit made headlines in 2022 with the discharge of its first NFT collections. Dubbed Collectible Avatars, the CryptoSnoos NFTs had been based mostly on the social media platform’s mascot, Snoo, and had been designed by each unbiased artists and Reddit creators alike. The avatars allowed customers sure platform advantages, together with distinctive profile animations, and granted holders one thing of a CC0 license to make use of the avatars as they noticed match.
The NFTs seemingly got here out of nowhere and rapidly blew up the NFT house, producing over $12.5 million in gross sales quantity and performing as one of many greatest Web3 onboarding occasions within the blockchain’s historical past. Serving to Reddit obtain this was their technique of fully avoiding utilizing the time period NFT in any press they put out, as a substitute opting to name the tokens digital collectibles. This playbook was not solely an enormous success, however it additionally spawned a few of one of the best comedy the Web3 house has ever seen.
What’s subsequent
This new assortment comes throughout a precarious time for the NFT and crypto house. Reddit’s rise got here earlier than the calamitous fall of Sam Bankman-Fried’s FTX, an occasion that induced already precarious mainstream sentiment towards the crypto realm to show outright hostile. Regardless, it’s little shock that Reddit is pushing ahead with its NFT experimentation, given the success it noticed within the fall of 2022.
Reddit may be taking a small web page out of Sweet Digital‘s playbook in partnering with the NFL to try to edge out their collectibles’ attain to the league’s followers. Sweet Digital is one other platform that has discovered fairly a little bit of success in partnering with Main League Baseball and MLB Gamers Inc. to assist them roll out their Web3 initiatives, arguably partially as a result of they, too, have averted calling NFTs by their technical title.
However wait! There’s extra:
