Despite security and privacy concerns, Reddit’s NFT avatars have attracted nearly 10 million users. The social media platform has also partnered with Ubisoft and Polygon to expand its NFT offerings.
Reddit, the online message board platform, is on the verge of reaching 10 million holders of its unique, collectible avatars.
These avatars, also known as Reddit NFTs, are digital creations crafted by independent artists and Reddit content creators and have become a cultural phenomenon on the platform.
According to Dune Analytics, Reddit’s NFT ownership is nearing the milestone, with nearly 9.9 million users embracing the craze.
Surprisingly, 7.7 million have unique avatars, eschewing the proliferation of multiple wallets that has typified the digital collectible market.
Reddit’s NFT Journey
Reddit launched its first NFT collection in June 2020, depicting its alien mascot Snoo in various styles and themes.
The platform used Polygon, an Ethereum scaling network, to mint and distribute its NFTs, reducing gas fees and environmental impact.
The initial buzz fizzled out somewhat after reaching 3 million avatar holders in November 2020, but 2021 saw exponential growth, nearly tripling the number of wallet owners over the past six months.
However, the achievement is not without its dissenters. One Reddit user suggested that bots may be responsible for recent growth, highlighting a concern that has long plagued the digital economy.
Reddit Partners with Ubisoft and Polygon
A pivotal moment for Reddit came on May 26 when the platform announced its partnership with Ubisoft, a gaming powerhouse. Reddit users can now claim Rabbids NFT avatars, characters originating from Ubisoft’s hit video game series, “Rayman Raving Rabbids.”
The move has resulted in a surge of engagement on the platform, demonstrating the enduring appeal of NFTs among Reddit’s user base.
Intermingling the gaming industry with Reddit’s burgeoning NFT market has had unexpected benefits.
Polygon co-founder Sandeep Nailwal, during a recent AMA session on Reddit, commended the social media platform’s innovative integration of NFTs, stating that Reddit was the only big tech company that had “cracked the NFT code.”
Nailwal’s remarks highlight the potential of Reddit’s NFT strategy and its wider implications for the future of Web3. He pointed out that having a secondary marketplace and an artist launchpad could be game-changers for Reddit’s NFT trajectory.
From a broader perspective, Nailwal sees Polygon as a crucial player in the Web3 space.
Polygon aims to become the “business or application layer for crypto, creating synergies with leading brands like Nike, Starbucks, and Sotheby’s by providing a scalable application platform.”
Reddit has demonstrated its commitment to experimenting with new forms of expression and community development through NFTs.
As Reddit’s NFTs continue to grow, these digital collectibles stand as a testament to the evolving landscape of Web3 technologies, demonstrating the untapped potential and challenges of integrating such a disruptive innovation into the mainstream digital economy.
However, security and privacy concerns may discourage some users from participating.
