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How Reddit made the leap towards Web3 and absolutely nailed it!
NFTs, or non-fungible tokens, have been making headlines lately as the newest trend in digital art and collectibles. While some people are surprised that big brands are getting involved in the world of NFTs, those who understand what digital ownership can unlock are excited about the potential of this new technology. Reddit, a social news website and forum, is one example of a platform willing to facilitate user access to NFTs. By allowing users to trade and sell NFTs on its platform, Reddit is opening up a new world of possibilities for digital collectors and creators.
Indeed, Reddit has been a strong advocate and a pioneer for the entire Web3 business, as seen by its introduction of cryptocurrency as a payment option for in-app purchases as early as 2013. Reddit has adopted various features over the years that signal the site may increase its support for the NFT business in the future. It has also just produced its own set of NFTs distributed without charge. To understand the current NFT collection, we must first understand what Reddit is and how it functions.
What Is Reddit?
Reddit is a website where people come to discuss everything from movies and politics down through crypto/NFTs. It's an active community with over 400 million monthly users - so you know it must be good! Reddit allows users to discuss, vote on and share content. An upvote or a downvote marks the popularity of votes on the medium. The votes affect popularity, which in turn affects search rankings.
To join the community, you must create a profile and username that identifies you as you post or comment. You can create a subreddit if you want to create a specific discussion topic. When you do that, other users, often referred to as Redditors, interested in the discussion topic can join the subreddit.
Reddit NFTs
Reddit created Avatars to give users one-of-a-kind digital asset that provides them access to exclusive features. Reddit users who possess Avatars can upload them as their profile pictures, trade them using blockchain, and even sell them to others. If you use an Avatar as your profile picture on Reddit, no one else can have the same picture. You can further individualize the NFT by equipping your Avatar with several pieces of unique gear.
Each Avatar has certain qualities that place it amid other avatars in the collection. Like any NFT collection on other markets, Avatar's clothing, equipment, and accessories are integral to the collectible. You can use the Avatars on Reddit accounts; each comes with a custom Avatar card. I invite you to create your own avatar and check out how seamless the user-journey is, you will not even realize you are minting an NFT.
Reddit NFT marketplace
Reddit teamed with over 90 artists to develop artwork for the marketplace opening. The Reddit NFT market operates as a subset of the Reddit social network. Users can access the Reddit NFT marketplace through the Collectible Avatars Shop area. However, they must first sign up for Reddit Vault, the site's native crypto wallet, before they can purchase an NFT. All Reddit NFTs are created and kept in a crypto wallet on the Polygon blockchain.
Types of Reddit NFTs
Reddit NFTs come in various forms, including those created by independent creators, free NFTs, and CryptoSnoos.
NFTs by Independent Creators
Reddit NFTs can be purchased as collectible avatars made by users of the Reddit network. You can buy most of these NFTs on OpenSea or Reddit. Since there is no auction, the price of each NFT is set in advance. Reddit NFTs can be purchased using a debit or credit card. However, many users choose to use a cryptocurrency wallet.
CryptoSnoos
Each NFT in this collection includes a picture of Snoo, the alien mascot of Reddit. There is a large variety of these pictures since each NFT is distinct.
All of the CryptoSnoos NFTs are limited edition; however, their rarity depends on their respective stock numbers. CryptoSnoos can be categorized as legendary, epic, or rare. Due to their rarity, Legendary CryptoSnoos NFTs cost more than their generic counterparts. To purchase CryptoSnoos NFTs on OpenSea, you must have a MetaMask wallet and ensure that your Reddit account is linked to the CryptoSnoos OpenSea page.
Free Reddit NFTs
There are tons of free Reddit NFTs, here are some of the top collections.
Singularity — Well-known for its use of robotics and futuristic concepts.
Aww Friends — Created by independent artists to show off cute and friendly animals.
Drip Squad — A group of fashionable NFTs that are inspired by the street fashion movement, making them some of the most diverse Reddit NFT avatars
Meme Team — The goal behind this class of NFTs is to simulate what it would look like if the internet were to puke. These NFTs are intended to be both gorgeous and repulsive.
What makes Reddit NFT different?
If you're an artist who uses Reddit, you can share your creations and make money from them. The percentage is 95% to the creator program and 5% to the social media platform. You also get paid for your data and choose who can access it and when. This promotes data sovereignty. As a musician, you get paid a royalty when your music is streamed. You could tokenize up to 50% royalties of an album in 10K NFTs and distribute or sell them to your fans. This would be a fun and engaging way to connect with your fans and give them a way to support you financially. Plus, it would help you maintain control over your music and how it's distributed.
The bottom line is Reddit has invested tons in bridging the gap between Web2 experiences and Web3 technology, and the result has been phenomenal. Not only did the new NFT avatars prove to be extremely popular with their current fanbase, but it has also enabled an entirely new revenue model for Reddit and the Redditors. We bet that this is just the beginning. As the technology heads towards the inevitable mass adoption, Reddit has made itself a position not only as an early adopter but a force spreading wider adoption by making interactions with Web3 seamless and easy for anyone.
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