Reddit converts its community to Web3

After an initial sale of NFT avatars, Reddit releases a new collection and continues to roll out Web3. According to our information, the platform with 3 million crypto wallets wants to be implemented in The Sandbox.

Released quietly during the summer of 2022 and sold in a price range of $ 10 to $ 100, the first edition of the Reddit platform’s NFT avatars took a long time to find its audience before finally catching on. at the beginning of October 2022. Since the conclusion of this sale, however, there has been turmoil for these avatars designed by carefully selected artists: on the secondary market of OpenSea, the series The Senses by artist Rojom has thus generated October 20 2020 a volume of 262 ether (or about 347,000 euros) with sales reaching 5,000 or even more than 15,000 euros for some units. Among the other series in sight, the one entitled The Foustlings by the artist Tyler Houst generated a volume of 271 ether (or more than 360,000 euros) with in particular a unit sold for more than 15,000 euros on September 28 or another to more than 4,000 euros on October 16. In total, the 29 series of this first collection generated almost 2.3 million euros in sales on the secondary market, 5% of which was donated equally in the form of royalties to the platform and the designers.

NFT Reddit avatar from “The Senses” series. © Rojom

For Reddit, a platform worth 10 billion dollars in 2021 and which generated about 440 million dollars in revenues in the same year according to Statista, the turnover of these NFTs is negligible but the essential is not there. The ambition is to make its audience, with 430 million monthly visitors and 52 million daily users in 2020, aware of Web3 technologies. To do this, from 2020 it allows all users of its mobile application to create a “Vault”, that is a cryptocurrency wallet, in order to transfer specific tokens to certain subreddits: Moons from the r / Cryptocurrency subreddit and Bricks from the r / Sottoreddit of Fortnite. Today the platform has seen “the opening of 3 million portfolios”, according to its director of product communication Tim Rathschmidt, contacted by the JDN. According to him, NFTs have largely contributed to “this adoption” since “a good portion of these portfolio creations have occurred in the past three months”.

“We are focused on how these avatars can be used on and off Reddit”

On October 18, the network confirmed in a post the release of a new edition of avatar NFT, testifying to its desire to establish itself in this sector in the long term. Also, if the information was later removed from the site, the company was still looking for several engineers for an NFT platform on Oct.17, as reported by the Wayback Machine archiving site.

In fact, according to the information obtained by the JDN, the goal of the social network is to deploy these avatars in 3D to bring them into the metaverse, and more precisely that of The Sandbox, created by Sébastien Borget and Arthur Madrid and owned by the Giant of the Web3 , Animoca Brands. “Right now we’re focusing on how these avatars can be used as an identity tool on and off Reddit, that’s all,” Tim Rathschmidt told JDN. The full immersion of the American giant in the Web3 sector has been confirmed.

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