Detailed explanation of Reddit Avatars: The NFT world Trojan horse that led millions of people into the Web3 gate

Bob

22-10-25 10:55

Read this article in 11 Minutes

AI summary

View the summary

Original title: "Reddit Avatars are the Trojan Horse of NFTs"

Original author: ABBBBBB_NFT, NFT collector

Original compilation: Kxp, Block Beats

Reddit Avatars are the Trojan horses in the NFT world that brought millions of people to the door of Web3, but now nobody cares.

Disclaimer: This article does not provide any financial advice, it is just to explore the impact of Reddit Avatar on the NFT field.

Reddit was founded in 2005 and users can Post a topic and put a link or image in it. Other users can then like/dislike these posts, and the most popular posts will be pinned to the top. At the same time, there is also a comment area under each post, which also has a similar voting system.

Reddit has $350 million in ad revenue in 2021, 52 million daily active users and approx. 430 million monthly active users. In 2020, Reddit has more than 30 billion monthly views, and by August 2021, its valuation has reached 10 billion US dollars, which is quite large.

Initially, only name, past posts and comments, and awards will be displayed on the user profile And personal score (karma score). It wasn't until 2020 that Reddit launched the avatar function for the first time. In the beginning, these avatars were not NFTs, and users could customize their avatars from hundreds of choices, and even use the color picker to create countless color styles. Later, Reddit also launched an advanced avatar customization feature, charging $5.99 a month, providing people with richer choices.

The picture below shows the rendering effect of the Reddit avatar on the user's personal homepage. The character is named "Jinx" and is a character in Riot Games (the game has 100 million monthly active users). That said, Reddit already has some bigger partners.

Whenever a user comments or posts a post, their avatar will be displayed like this:

Although there is no specific number, I can confirm that there are more than 10 million avatars on Reddit. In July 2021, Reddit sold 4 1/1 avatar NFTs for the first time. The selling price of these avatars was 42-115ETH, and the highest contract was 261,000 US dollars at that time.

July of this year , Reddit announced that they will be creating a collection of NFT avatars

Buyers will need to create a "reddit vault" wallet, and transcribe the next set of 12-word mnemonic phrases for recovering that wallet. There is a similar practice in the GALA game.

In the beginning, NFT sales of avatars were not optimistic, but just a few weeks ago, They suddenly sold out, with around 40,000 NFTs sold on Reddit. Since then, its price has also begun to surge, reaching as high as $20,000, and most of the other avatar NFTs are priced between 0.04-1 ETH.

The NFT avatar is based on the hexagonal style created by Twitter

In the user profile, the version size and mintage are now displayed below the avatar in the background ID:

Click on the diamond icon below the picture, you can also view more details, including links to IPFS and block explorers:

If the user wants To further customize their avatars, they can add free or premium elements to the base NFT avatar.

Currently, in most series of collections, the distribution rate of NFT is far more than 80%. This means most people only own one NFT per series collection. I feel like so far, not many people in the NFT space have noticed this.

So, how did they attract "millions" of users? They airdropped at least 4 other series favorites to the top users of a particular subreddit. For example, the avatar NFT in this link has at least hundreds of thousands of holders, and its characteristics are relatively evenly distributed.

Before you know it, millions of people are walking on Reddit Opening the door to the world of Web3 and NFT. A small group of people would even be outraged by this and would rather burn their 5 ETH worth of NFTs than hold or sell them. In the future, such incidents may become more frequent.

I want to stress again, do not take this as financial advice. I know a lot of holders don't know how much these things are trading for on Opensea, and even if they did, they probably wouldn't know how to sell them. Therefore, the price of these NFTs may fluctuate wildly.

However, there are currently no online reports on Reddit avatar NFT Many

Most users are still in the "knowledge" stage for this type of NFT, which also makes us Here's a fantastic opportunity. However, we still need to be cautious, because most holders are likely to start selling once they find that the price of NFT in their hands has increased by more than 10 times after buying.