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How Reddit Minted 5 Million NFTs Through The Avatar Initiative – Forbes

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how-reddit-minted-5-million-nfts-through-the-avatar-initiative-–-forbes

BRAZIL – 2021/07/14: In this photo illustration the Reddit logo seen displayed on a computer screen … [+] through a magnifying glass. (Photo Illustration by Rafael Henrique/SOPA Images/LightRocket via Getty Images)

SOPA Images/LightRocket via Getty Images

Despite the challenges facing the crypto market, Reddit’s collectible avatars initiative, which was launched in partnership with Polygon, has been a success. To date, over 5 million NFT collectibles have been minted, which has been a bright spot in an otherwise difficult times.

After the initial announcement in July, the avatars quickly gained popularity. A few months later, Reddit Chief Product Pali Bhat revealed that over 3 million Polygon wallets had been created by users. Reddit uses Vault Wallet to store and manage the NFTs directly from the Reddit app, with the majority being created to purchase avatars.

On December 3rd, a new daily record was set with over 250,000 avatar NFTs being minted, surpassing the previous single-day peak, which saw just over 200,000. A few weeks later, the total number of minted avatars surpassed the 5 million mark, with over 4.25 million unique wallets holding at least one collectible, according to Polygon and Dune Analytics. Reddit surpassed OpenSea, one of the largest NFT marketplace, in total users who own NFTs.

While NFTs have had branding issues due to their association with “snake oil” scams, Reddit has simplified the process by using familiar terms and avoiding jargon as much as possible. This makes user experience design and community the key to the initiative’s success. Reddit also made wallet creation effortless and seamless. Unlike the conventional way of creating wallets today, Reddit creates it for you in a few clicks.

Majority of the NFTs minted so far have been free avatars given to highly active users of the site, which has millions of separate communities or subreddits. These avatars give users social power within their subreddits. With an avatar, they can stand out in the comments, give high-value awards, and use them as profile pictures.

Polygon has proven to be a successful platform for several major brands, including Instagram, Starbucks’ recently launched rewards program called Odyssey, and Nike. Through this initiative, Reddit is showing how Web2 platforms, through avatar giveaways, can drive significant adoption in Web3. The initiative’s track record of over 5 million minted NFTs demonstrates the potential of familiar and user-friendly social platforms.

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