Reddit is Back At It (And We Like What We See)

TL;DR

• Reddit has just dropped one other large sequence of NFTs.

• This time, Reddit has restricted purchases based mostly on “account age and different metrics,” in order that newly-created accounts can’t purchase a ton of NFTs, simply to flip and earn a fast buck (additionally a pleasant approach to reward loyal customers).

• They’ve outlined the playbook for Web2 corporations trying to transfer into Web3; now they’re doubling down and exhibiting the world that it isn’t solely attainable, but it surely’s extraordinarily helpful to take action.

Full Story

ICYMI, a few yr in the past, we wrote about Reddit’s plan to let customers mint and declare NFTs for his or her avatars.

We first thought it was a horrible thought…

Then, because the NFTs have been rolled out, we ate our phrases, once more, and once more.

We have eaten a bit over 18 million phrases at this level – however ya boys are nonetheless hungry.

Why are we telling you all this?

As a result of Reddit has just dropped one other large sequence of NFTs.

For this drop, they labored with 100 unbiased artists and different fashionable NFT collections like Cool Cats, with reinterpretations of the platform’s iconic “Snoo” character (👆 see pic).

The costs to mint this new sequence of NFTs ranges from $2.49 to $199.99.

Final time Reddit did a drop like this, there was a flurry of hype and costs rapidly flew up.

This time, Reddit has restricted purchases based mostly on “account age and different metrics,” in order that newly-created accounts can’t purchase a ton of NFTs, simply to flip and earn a fast buck (additionally a pleasant approach to reward loyal customers).

This is why we like what we see:

In line with this Dune dashboard, there are over 14M distinctive wallets holding over 18M reddit NFTs proper now.

That is some rattling superb adoption if we have ever seen it!

They’ve outlined the playbook for Web2 corporations trying to transfer into Web3; now they’re doubling down and exhibiting the world that it isn’t solely attainable, but it surely’s extraordinarily helpful to take action.

Extra platform engagement, extra income, extra causes to speak about Reddit!

Very cool certainly.