The NFT bull market may be back.
The catalyst comes not from Yuga Labs, Coinbase, or SudoSwap. Instead, it comes from Reddit. Yep, that web2 message board that everybody uses but nobody admits to is now responsible for the best NFT momentum since people were dropping their life savings on virtual land.
It’s funny how the world works.
Collectible Avatars
The story of Reddit NFTs began back in July when they announced a partnership with Polygon to build an NFT avatar marketplace. Users could mint and purchase avatars (on Reddit’s wallet, Vault) and then use them as their Reddit profile picture, or re-sell them on secondary marketplaces.
Looking at the data, it’s hard not to call the initiative a success.
2.9 million avatars minted
$6.5 million in total sales volume
$2.3 million in sales over the last 24 hours alone
The #1 spot on OpenSea
The Trojan Horse?
Even if you couldn’t care less about NFTs, you should be thrilled reading that Reddit has onboarded 3 million new people into crypto.
Crypto’s greatest hurdle on its road to mass adoption is its complexity. It’s like a graduate-level course to learn what crypto is, how to buy it, and how to keep it safe. Naturally, this doesn’t entice many people to leave the comfort of the traditional financial system.
Reddit NFTs (partly) solve this. They are a crypto Trojan Horse. People on Reddit start off just buying cool “digital collectibles,” but soon enough, some among them start buying other NFTs. Then, they start exploring Bitcoin and Ethereum. Next, they go down the DeFi rabbit hole. Before you know it, they are full-blown degens.
Will this happen to everyone who buys a Reddit NFT? No. But with Reddit having 50 million daily active users, even a small percentage of users is enough to make a big difference.
