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Reddit's treasure chest💰
Reddit's taking profile pictures to the next level with unique, blockchain-based avatars. Now, what's Snoo? how to own one? how to sell one and what's with the new release?
Hello, y'all. A free collectible. 20 seconds is all it takes 👇 own it now 🙌
Reddit, the rebel of the social media world, is stirring the pot again with its funky foray into the NFT space. So it's time to talk about them.
What's the fuss about?
Well, Reddit Avatars are essentially digital pieces of art, created by independent artists. These avatars are each a unique piece of blockchain-based artwork.
It is an extension of Reddit's Avatar Builder from 2020, where users can create their own avatars to use as their profile pictures.
And guess what? They're all based on Snoo, Reddit's adorable mascot.
Here's a quick rundown of what makes Reddit Avatars tick:
They're hosted on the Polygon blockchain, known for its low-cost transactions.
You can dress them up in snazzy outfits and accessorise to your heart's content using Reddit's avatar builder.
Your customised Avatar even gets a cool glow effect in the Reddit comment section.
Buying an avatar gives you the license to use the corresponding NFT both on and off Reddit.
A quick recap of the Reddit NFT journey
Reddit first boarded the NFT spaceship last summer with Collectible Avatars via Polygon. The platform made it rain with premium avatars that cost money and have since exchanged hands for thousands of dollars on secondary markets. Besides these, Reddit has also generously given away millions of avatars over the past year.
Public blockchain data curated by Dune reveals that nearly 18.2 million Polygon NFTs have been minted to date, with around 14.25 million unique wallets holding the avatars. These avatars have seen trading worth $33.6 million on secondary markets.
To put it simply, Reddit has shown the world how to bring users onboard into the NFT and blockchain universe through accessible platforms and free giveaways.
But, what's the secret sauce?
It's hard not to notice the roaring success of Reddit Avatars. Within six months of the launch, Reddit users have shelled out a whopping $12 million on these avatars. But how did Reddit make this possible, especially in a community that's been largely critical of NFTs?
The answer lies in a few key ingredients:
Reddit's user-friendly NFT marketplace is packed with various offerings and backed by a strong community.
Some smart marketing! They introduced avatars as "Digital Collectibles", avoiding intimidating crypto jargon, and even allowed purchases with fiat currency.
Lastly, the utility. Reddit's Avatars are customisable, offering more value than typical "JPEG NFTs".
Top 5 Avatar collections to check out
Here's a peek at some of the most popular Reddit Avatar collections based on their sales volume:
"Spooky Season" by poieeeyee: The top seller among all Reddit Avatars, this collection was released for Halloween 2022.
"The Senses" by Rojom: This collection uses a horror theme to depict the human senses of taste, sight, and touch.
"Foustlings" by Tyler Foust: Launched soon after Reddit's Avatar program started, this collection features Foust's signature vibrant squiggly lines.
Imagination Station" by ChipperDoodle: Featuring Snoo metamorphosing into various avatars, this series has sold about $533,000 worth of NFTs since its launch.
"Spooky Season" by Rojom: Launched in October 2022, this collection focuses on astronomical imagery.
How You Buy a Reddit Avatar
Create a Reddit account.
Set up your Reddit Vault, which is a web3 digital wallet on Reddit.
Once your Vault is ready, head over to the Collectible Avatars Shop and start browsing.
Choose your favourite Avatar, get details about the artist and creator, and make your purchase.
And voila, you're a proud owner of a Reddit Avatar!
(But wait until we explain the longer process)
What is Reddit Vault
Think of the Reddit Vault as your personal digital safe. It's a hub for storing and managing Ethereum-compatible digital assets, all under your control. But don't forget your password or recovery phrase - losing those is like losing the key to the safe.
Additionally, the Vault lets you create custom tokens for your subreddit. These tokens are like rewards or incentives to foster engagement and boost quality content. In essence, the Reddit Vault hands you the reins to your own micro-economy in the Reddit universe.
Let's get your Reddit Vault up and running.
If you already have one, restore it with your password or recovery phrase. You can even use the recovery phrase from your MetaMask or any Ethereum-compatible wallet.
Now, for a new vault, here's the drill:
Tap on the avatar icon up top right, and hit "Vault" from the menu.
Before you move ahead, check the box saying, "I agree to Reddit Community Points Terms of Service".
Once your Vault's set:
Sit tight while Reddit works its magic and readies your Vault. Give it a few.
Selling Reddit NFTs needs a vault screenshot, so:
Secure your Vault with a backup. Two options here - either let Reddit do it, or manually save your recovery phrase.
For manual backups, jot down the 12-word recovery phrase and guard it. If you let Reddit handle it, use a tough-to-crack password. Either way, keep your password or recovery phrase under wraps. Lose it, and you might lose your Vault for good.
And voila! Your Vault's ready to stash your avatars. Safe and sound!
Buying and selling with ByBit
How to Buy Reddit Avatar NFTs
The adventurer's kit (create a crypto wallet): Your first step is setting up a wallet for your digital gold. You can use MetaMask as a handy app or browser extension. If you're feeling adventurous, try other options like Coinbase Wallet, Rabby, XDEFI, and Rainbow Wallet.
Fill your coffers (buy crypto): Now that you have a wallet, it's time to fill it up! Buy some Ethereum from exchanges like Bybit, or through peer-to-peer trading on sites like Local Ethereum. If you're lucky, you can buy Ethereum directly from MetaMask using regular money (fiat currency).
Secure the booty (send crypto to your wallet): Now that you have your treasure, make sure it's safe in your new wallet. Transfer the crypto from the exchange to your non-custodial crypto wallet.
Find the treasure (sign up on Bybit): Now it's time to hunt for the real prize - Reddit Avatars! Sign up on Bybit, follow the on-screen instructions, connect your crypto wallet, and start browsing.
How to sell Reddit Avatar NFTs
Your secret code (get your recovery phrase): Go to your Reddit mobile app, tap your avatar/profile picture, then 'Vault'. Click on the three dots on the top, then 'Show Recovery Phrase'. Write this down and guard it with your life, it's your key to your Reddit Vault!
Prepare your kit (download and set up metamask): Download MetaMask from the official app store, select 'Import using Secret Recovery Phrase', input the phrase you noted down, and create a new password. Tap on 'Wallet', 'Add Network', and choose Polygon mainnet. You're all set!
Sell your treasures (connect your Bybit account): You'll need some MATIC (Polygon blockchain’s native crypto) to list your avatar for sale. Go to Bybit using the browser in MetaMask, connect your wallet by clicking on the Web3 dropdown tab, and choose the NFTs tab.
Follow the instructions, and voila! Your NFT is up for sale.
The New Drop, More NFTs
Reddit is in no mood to slow down its NFT journey, already cruising with a hefty 18 million avatars on board. Now, it's further fuelling its journey with another mammoth set of collectibles.
The newest Polygon NFT drop: "Retro Reimagined" - the Collectible Avatars Gen 4 drop
This fresh batch sees artistic spins on Reddit's legendary "Snoo" alien mascot from a crowd of creators, featuring both Reddit regulars and newbies. The show-stealers of the drop? NFTs inspired by the Cool Cats PFP project and Micah Johnson's Aku NFT character.
This collection is packed with limited edition avatars, from hundreds to even thousands of tokenised editions for each avatar. The price tag varies from a pocket-friendly $2.49 to a jaw-dropping $199.99. And many of these avatars have already found new homes.
Reddit's New Rules
This time around, Reddit is tweaking the rules a bit for a fair game. On day one of the sale, purchases will be limited based on "account age and other metrics," preventing new accounts from hoarding NFTs. A CAPTCHA verification system is also in place to keep those pesky automated bots at bay.
TTD Week That Was 📆
The week of crypto finding its meaning in the larger scheme of things.
Friday: All for One and One for All 🙌🏻
Thursday: Scammers strike gold💰
Wednesday: Asia takes charge 🔋
Tuesday: Hamster Hustle🐹
Monday: The Nine Fin-Trends💰
TTD Week in Funding 💰
Sequoia Capital, a major venture capital firm, has reportedly cut its crypto fund by 66% from $585 million to $200 million.
Animoca Brands is investing $30 million in the crypto "super app" hi, which aims to enhance the utility of NFTs in the industry.
Crypto firm Flashbots has raised $60 million in a Series B funding round led by Paradigm.
Cymbal has raised $18.5 million in funding from investors, including First Round Capital, Solana Ventures, and Coinbase Ventures.
Crypto startup EthStorage has raised $7 million in a seed funding round, bringing its valuation to $100 million.
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