As most of you may have read on Twitter, the 2nd generation of 40k Reddit digital avatars has sold out.
Up to date, about 3m users have been onboarded through Reddit.
Since their release in July 2022, Reddit digital collectibles have done more than $8m volume. Users can trade their digital avatars on Opensea, using the Polygon blockchain.
Having to use Opensea to buy or sell avatars has helped many users acknowledge and get interested in NFTs.
Some users have done a 10x or even 50x on their investment and have explored the possibility of buying some NFTs with the profits.
At the same time, many CT personalities have started threading about Reddit avatars and many have purchased some.
Currently, the most expensive avatar is the #1 from The Hands collection, which has been purchased for an ATH of 30 ETH.
With its digital collectibles, Reddit sets out a positive precedent of how NFTs or digital collectibles can be introduced to an already existing and thriving community.
Many in the NFTs world have tried doing the opposite with mixed results: starting with NFTs and then trying to develop a community around them, arguably the most successful being Azuki and BAYC.
Many in Web2 have tried doing the same, with mixed results: companies have tried buying Metaverse plots, releasing NFTs and so on, without managing to create a community around them.
Reddit serves as one of the first use cases of Web2 companies successfully introducing NFTs (or digital collectibles if you don’t want their users to get angry at you) for their community. People have received them positively, using them, and they have attracted outside interest from NFT aficionados.
For many users, Reddit digital collectibles have been their first time accessing OpenSea.
Maybe they will take a look around..
And use their profits to secure another NFT..
Will Reddit lead to the renaissance of NFTs?
Only time will tell.
