The digital market is growing with tremendous speed, and many companies are now moving to adopt this new amazing technology. In recent times, the social news website and platform Reddit were in the news for announcing a new project, Collectible Avatars. This was Reddit’s first jump into the NFTs world, and the Polygon Blockchain backs the project.
Many investors and experts were shocked by this decision and mocked the Reddit platform. Even people on its website (subreddit) started trolling the social media site, and the Reddit founder had to advise people to stay away from this section of the website. The Reddit community did not bow down to the critics, and now they are ready to onboard millions of people to the world of NFT.
History
In the month of July 2022, Reddit announced to start of selling NFTs as avatars. Many mocked and hated this decision; however, the community did not pay attention to it. In August 2022, it gave free air drops in various sequences to many active users, due to which its popularity surged. Reddit saw incredible terrific on the site, and people were using the NFTs as profiles. Additionally, the secondary market also started actively trading.
Those who were mocking and hating the project were now desperate for the future of drop collection. Millions of people are aware of this project, and a tangible amount of hate is left.
How to use it?
One of the main reasons for its success is its easiness to use. It does not need any rocket science to understand the selling and buying of these avatars. Many creators have created collectible avatars, which are stored in vaults on Reddit. These avatars can be sold, bought, or traded similarly to an NFT.
Initially, the collectibles were given free in the form of airdrops to certain users however, later, people could buy them by using Stripe and local currency.
Takeaways
You should know certain things about these Collectibles Avatars before joining the show of buying or selling them.
- The Reddit NFTs are not typical NFTs.
- Trading these collectibles will educate you not only about the NFTs but also about the blockchain.
- Due to this, NFTs have gotten massive exposure because Reddit has 1.5 billion registered users and half a billion active users.
- There are different styles of avatars available, like hairstyles, accessories, etc., which will help people to know about the future fashion in the metaverse.
- You can claim your Reddit NFT now if you do not have one.
Numbers tell the success story
There has been an enormous increase in the number of users and collectibles holders in recent months. According to the Reddit platform, there are more than three million wallets created on the platform. Similarly, according to Dune Analytics, there are 2,838,347 collectible holders with total sales of 25,556 collectibles and USD$ 7,362,362 total sales volume.
Additionally, the leading NFT marketplace, OpenSea, reported that four of the top ten NFTs were from the Reddit collections in the last 24 hours. These four are Spooky Season, Foustlings, The Senses, and Spooky Season Rojom.
Not only this, but it has also impacted the price of Polygon. Its price increased by 3.80% in a bear market in one month.
Conclusion
If these Collectibles are managed well, this can bring a new revolution to the digital crypto market. As billions of people are active users of this social media platform, introducing NFTs will increase awareness among the common people about crypto. Resultantly, it will attract many users to the crypto market. This is a very positive sign for the future of crypto.
