Despite the lack of excitement in the markets, our enthusiasm is still boosted by the seemingly endless crazy stories making headlines daily!
Among them is Reddit!
Despite only launching in July, they have amassed a staggering 2.87 million avatar holders!
With 99.88% of users being newcomers to the #NFT space and more than likely unaware of the crypto technologies used!
Thats by design as we can see:
“Reddit CEO Steve Huffman made the process so much easier for noobs who aren’t familiar with crypto or NFT by not using any “crypto words” in any of the announcements that were made. Most of the buyers didn’t even know they were using crypto.”
All, minted on the Polygon blockchain and people have no clue. Genius! Each collectible avatar can be used on Reddit as a user’s profile picture. We can see no one wanted to be left out showing off their newly designed avatars.
They absolutely smashed right off the bat! Just look at Opensea which has been around for about 5 years and has about 2.3 million wallets as of today. Reddit has done this volume in a fraction of the time!
It's clear Reddit focused on its strengths- creating hype within its communities.
Some key points contributing to the success are that numerous independent artists were involved and guess what, they got paid for each avatar sold, plus received royalties on secondary markets!
Reddit also airdropped avatars to their most active users for free to get the hype started, encouraging community involvement and steering clear of any complex onboarding activities.
It is significant that there were no crypto transactions required, with the purchases simply being made using debit/credit cards. This is why it was so seamless, as people are accustomed to traditional payment methods.
What's your take on Reditts methods of bringing new users into the #Web3 space? Is this the template for mainstream adoption across the board!?