Original author: NFTGo
The trading volume of the NFT market continued to decline after March this year. According to NFTGo.io data, in the past 24 hours, the total trading volume of NFT on Ethereum was about 10.68 million US dollars. During the same period, Reddit Collectible Avatars traded over $2.5 million, equivalent to 25% of the entire mainstream market. There are currently 2.83 million Reddit NFT holders, and most of them have registered for Reddit Vault. The number of Reddit wallet registrations is almost the same as the number of wallets that have traded NFTs on Ethereum, which has about 3.43 million. Reddit NFT has driven public awareness of NFT and the encrypted world to some extent. So, what are Reddit Collectible Avatars? How does it allow some users to move from Web2 to Web3?
art-based
Reddit is a user-centric community forum with over 1.7 billion monthly visitors. A week ago, Reddit released 40,000 second-generation Collectible Avatars in collaboration with 30 or so artists. Prior to this, Reddit released the first-generation avatar in July this year. The second-generation avatar is more mature than the first-generation art style. It is worth noting that on October 25th, The Hands #1 NFT in The Senses x Reddit Collectible Avatars series was traded for 30 ETH, setting a record high transaction price. This also promoted the floor price of this collection. As of writing, the floor price of The Sense series is about 1.37E.
One of the purposes of the release of Reddit Collectible Avatars is to stimulate the vitality and creativity of artists in the community. These independent artists create separately and name their own Collections. Among them, poieeeyee, The Senses and Foustlings belong to the three hottest series, and have received royalties of around 23,000, 17, and 16,000 US dollars. The price of each NFT ranges from $9.99 to $99.99. In terms of revenue, the Reddit platform only takes 5% of the sales, and 50% of the royalties go to the artist. Reddit puts a lot of emphasis on the artistic concept and the work itself in the distribution process. in the forumr/CollectibleAvatarsThe section discusses the artists sources of inspiration, creation stories and tools.
(Data source: Reddit)
Digital Identity in Social Media
According to a report by Reddit, in the past six months, the discussion of NFT among Reddit users has increased by 423 times. However, on Reddit, everyones attitude towards NFT is more polarized. Some people have entered the Web3 world because of NFT airdrops, while others are still wondering, what is the significance of NFT? And what are the use cases?
For Reddit Collectible Avatar, holding an NFT represents a certain digital identity on the platform. On the one hand, this is the platform’s feedback to some deeply active users. Only users with high Reddit karmar can receive NFT. In addition, users have ownership of the assets, which can be used on Reddit or transferred to other platforms.
(Data source: Reddit)
Web2-to-Web3 User Experience Curve
Previously, Dapper Labs let millions of fans know what NFT or digital collections are through the NBA Top Shot project. During the whole process from Web2 to Web2.5, and then to Web3, we need to pay attention to what factors hinder the large-scale adoption of NFT, and what factors promote the spread of NFT.
(Data source: NFTGo.io)
First, conceptual understanding. When many people first come into contact with NFT, they only know that it is the abbreviation of Non-fungable token. The most famous ones are BAYC, CryptoPunks and so on. In addition, people do not know what is the use of NFT, how to make money in transactions, etc. Binding with brand functions will enhance user recognition and trust. For example, the previous Nike and Adidas gave collectors actual rights and functions on the basis of virtual digital products. In addition, Reddit transformed crypto terms into more understandable common vocabulary during the user experience process, such as from NFT to digital collections, from wallets to vaults, etc.
Second, tool usage. On the basis of understanding, the next step is to buy. However, in the past, users needed to download wallets to buy Ethereum and cryptocurrencies before purchasing NFTs. These steps may discourage many people. To some extent, when the public adopts it, technology can often be hidden behind the transaction process, so that users do not perceive the technical barriers. When we broadly define it as a digital commodity, the payment methods can actually be diversified. In Reddit, users can directly use local currencies such as US dollars or euros on the stripe to purchase, which will be easier to operate.
Now that users already have NFTs, what needs to be considered is how to trade them. Although Reddit does not have a secondary market, there is a post on Reddit that describes how to transfer NFTs to OpenSea for sale and trading. Of course, I am also looking forward to whether Reddit will establish a new trading market. In this way, Reddit will combine some functions of Discords community and OpenSeas transaction.
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(Data source: Reddit)
epilogue
epilogue
Compared with Reddits huge 1.5 billion users, NFT holders and people who know about it still occupy a minority. From this successful attempt to combine social media and NFT, we can see several key points. One is the importance of the community. People who like Reddit have a strong sense of identity with the community. Reddit also gives creators and users Opportunities for direct communication. The second is that profit is part of learning. Financial and transaction attributes are one of the essence of NFT. Users have grown while gaining profits. The third is to pay attention to the cycle and be careful about risks. In the last bull market, we witnessed the highest floor price of the top Collection, and in the bear market, many items gradually returned to zero. If we continue to build and build communities and lower the barriers to entry for NFT, we will not only see new narratives about NFT in the next bull market, but also a trillion-level user market.
