Reddit's Successful Foray into the Metaverse
While the NFT-verse seems to be in a massive slump lockdown in recent times, social media platform Reddit, Inc. might've found the key to web3 success. By partnering with artists to create variations of their adorable mascot, Snoo, they've exceeded the bear market expectations for an NFT project. They aren't the first social media to try taking a step further into the metaverse (ahem Meta), and they're also not the first to have NFT integrations (Twitter, Instagram and Facebook allow this). So, how come they have generated $2.5million in daily trade volume on their NFT marketplace? Based on numbers given by the Pali Bhat, the Chief Product Officer at Reddit, to date over 3 million wallets have been created by users. To put that into context, OpenSea has about 2.3 million wallets. Yep, that's a lot.
What was their strategy?
1. Initiatives from other social media platforms to integrate NFTs was essentially to show off your NFTs held in other wallets as your profile picture. Reddit did this and added a unique turn by creating it's own marketplace. You can purchase, sell, hold NFTs.
2. Reddit partnered with Polygon Labs in creating their marketplace. Polygon is a layer-2 blockchain that's compatible with Ethereum, which allows users to transact more quickly and with lesser gas fees. That solves two core problems slowing crypto adoption.
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3. Reddit leveraged rewarding community. The most active users of reddit received a NFT avatar airdrop, and they partnered with artists and creators on popular reddit channels to create the avatars.
4. Counter-intuitive marketing : Reddit users are notoriously anti-NFT, but the avatars aren't called NFTs. They're called "collectible avatars", and their NFT marketplace doesn't require you to create a wallet, you "open a vault". We see you, Reddit.
The major derivative from this is that it shows the potential of NFTs. Even though this is a bear market, it's also the time for building and Reddit is doing just that. If you're looking to add one of their collectible avatars to your portfolio, they also just confirmed that they're launching a Halloween collection. Please, DYOR.