1/ Reddit Collectible Avatars is the most fun I had with NFTs.
At least since I bought my Penguin 4 months ago.
This is how crypto mass adaption feels like.
Let me explain ๐งต
At least since I bought my Penguin 4 months ago.
This is how crypto mass adaption feels like.
Let me explain ๐งต
2/ Yesterday Reddit launched 2nd generation of Collectibe Avatars of ~40,000 NFTs.
All sold out within 24 hours, selling each for $10 to $100 USD
The Gen1 launched in July and took WEEKS to sell out.
All sold out within 24 hours, selling each for $10 to $100 USD
The Gen1 launched in July and took WEEKS to sell out.
3/ Gen1 and Gen2 are already selling at 40x-50x the initial price on Opensea.
Trading volume and liquidity is still low, though.
Gen1 cumulative trading volume is just $2.4M USD.
But that's not the point.
Trading volume and liquidity is still low, though.
Gen1 cumulative trading volume is just $2.4M USD.
But that's not the point.
4/ The thing is, Reddit just onboarded 3M crypto users with these NFT avatars by creating crypto wallets.
And most of them don't even know they use crypto.
'NFT' is not mentioned anywhere.
'Crypto wallet' named as 'Vault'
At least blockchain is mentioned once.
And most of them don't even know they use crypto.
'NFT' is not mentioned anywhere.
'Crypto wallet' named as 'Vault'
At least blockchain is mentioned once.
5/ Reddit CEO Steve Huffman told his plan is โnot use any crypto wordsโ in any of these announcements.
"It just confuses peopleโ Huffman said.
โThe ecosystem is so confusing. I canโt figure out half this stuff.โ
Lesson to all builders here.
"It just confuses peopleโ Huffman said.
โThe ecosystem is so confusing. I canโt figure out half this stuff.โ
Lesson to all builders here.
6/ His strategy is working.
There's a small, but growing community on Reddit of dedicated collectors.
It feels like the 2021 NFT bull market, but with less talk on prices and more of showing off your uniquely customized Avatars.
There's a small, but growing community on Reddit of dedicated collectors.
It feels like the 2021 NFT bull market, but with less talk on prices and more of showing off your uniquely customized Avatars.
7/ Discord too tried to integrate crypto wallets, but faced a backlash from users who cancelled their Nitro subscriptions.
It seems, there's no need to mention 'Crypto' or 'NFT's yet @jasoncitron
It seems, there's no need to mention 'Crypto' or 'NFT's yet @jasoncitron
8/ In my opinion Reddit executed the strategy perfectly.
One worry I have is Avatar dilution, if they constantly issue new NFTs to the market.
Yet as long as the demand grows at the same pace and the majority doesn't realize they're holding NFTs, it should be fine ๐
One worry I have is Avatar dilution, if they constantly issue new NFTs to the market.
Yet as long as the demand grows at the same pace and the majority doesn't realize they're holding NFTs, it should be fine ๐
9/ P.s. Sorry for a non-DeFi related content.
Promise to post on DeFi more, so follow me @DefiIgnas
Like/Retweet the first tweet below if you can:
Promise to post on DeFi more, so follow me @DefiIgnas
Like/Retweet the first tweet below if you can:
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