Reddit, one of the world's largest social media platforms, has joined the NFT trend by launching a marketplace where users can purchase digital avatars designed by independent artists.
These NFTs are unique and cannot be duplicated, making them valuable digital assets. The NFTs are stored inside a blockchain, so Reddit enables users that are not used to interacting with blockchain technology and NFTs to make their first steps in this vast ecosystem.
Reddit's NFT avatars are different from other mainstream NFTs. These digital art pieces are primarily utilized on Reddit and other platform profile images. The avatars can be customised only using the Reddit Avatar Builder's outfits and equipment, and they can only be purchased with fiat money and at a certain price, which ranges from $9.99 to $99.99. In addition, purchasing an NFT-based avatar provides users with licensing rights to the token, which means that they have the ability to use the avatar on and off Reddit.
The marketplace started featuring over 90 designs created by independent artists, and the total number of NFTs up for sale is in the tens of thousands. Only 5% of the sales revenue goes to the social media platform, with the remaining 95% going to the creator program as well as to pay for blockchain fees and minting expenses. Secondary sales will help artists by ensuring that their work continues to generate revenue after the first sale. With the launch of the Reddit NFT marketplace, artists now have the opportunity to share their work and make money off of their creations while also providing Reddit users with unique and valuable digital assets.
The Collectible Avatars initiative by Reddit provides artists with an easy way to showcase their work and monetize it by selling it as NFTs. The artists who frequently post on popular subreddits are encouraged to create their own NFTs and post about their collections, sharing the ideas behind them and the meaning of each avatar set.
The process of purchasing these NFTs is simple, as users can buy them with a crypto wallet, credit card, debit card, or Reddit's Vault. The fixed price of each NFT is determined by the creator, and there is no auction system in place. This makes it easier for users to find and purchase the NFTs they are interested in, without having to engage in a bidding war.
Furthermore, Reddit aims to empower artists by giving them the ability to profit from their creations. Artists receive payment for every NFT sold on Reddit, less any fees, and they also receive royalties from secondary sales of their NFTs on open marketplaces. By offering a revenue-sharing model, Reddit ensures that artists have the incentive to create more NFTs and continue to share their work with the community.
The main goal of Reddit NFTs is to create a safe place for independent artists to showcase their work and earn a living from their creations. With the Collectible Avatars initiative, Reddit is making it easier for artists to monetize their work, while also providing users with a unique opportunity to own one-of-a-kind digital collectibles.
In general, the NFTs that are offered on Reddit come in three main types: CryptoSnoos, Reddit NFTs made by independent creators, and free Reddit NFTs.
CryptoSnoos is Reddit's exclusive collection of NFTs. Each CryptoSnoos NFT features an image of Reddit's alien mascot, Snoo, in a unique style. These NFTs from Reddit come in a range of rarity levels, with Legendary NFTs being the most scarce and, therefore, the most expensive. Epic and Rare NFTs are also limited editions but are less scarce than Legendary NFTs. CryptoSnoos NFTs can be bought and sold on OpenSea, and they can be used as avatars on Reddit, complete with a glowing animation.
Reddit NFTs made by independent creators are another type of Reddit avatar NFTs. These NFTs are created by independent artists and are available for purchase on Reddit or OpenSea. They typically come with a fixed price, and some can be bought using a debit or credit card. While there is no auction for these NFTs, they often feature artwork from talented artists in the NFT space.
Finally, there are free Reddit NFTs that are distributed by Reddit through airdrops to top members of the Reddit community. These free NFTs are designed to be given to top redditors who have garnered high karma points through the Reddit karma program. There are four styles of free Reddit NFTs available, each with its unique themes, such as The Singularity, Aww Friends, Drip Squad, and Meme Team.
The Singularity style is known for having futuristic and robotic elements. The singularity Reddit NFT prices have hit a market which wasn´t expecting this kind of hype. Then, we find the Aww, Friends which is a collection of Reddit NFTs by independent artists that feature cute and friendly animals. On the other hand, Drip Squad is a collection of stylish NFTs based on the street style scene, which can cost up to 255 ETH. Finally, Meme Team NFTs are designed around the idea of what an NFT would look like if the internet could "throw up” and they can be found with high listed prices such as 69,420 ETH. We can imagine that these free Reddit NFTs are highly sought-after, and their rarity and unique designs make them an attractive addition to any NFT collection and they give a special online reputation to those who own them.
Reddit launched its own NFT Marketplace in July 2022 and has already become one of the largest crypto-art marketplaces with more users than OpenSea and other major platforms. The company's blockchain wallet, called Reddit Vaults, has seen three million users just a few months after being launched, and an estimated 2.5 million of these users set up their wallets to purchase Reddit's own Avatars.
Despite the dramatic depreciation of cryptocurrency and blockchain collectables in 2022, Reddit's NFT marketplace has managed to thrive. In August, the company offered free Avatars to high-profile Redditors in an effort to encourage more users to sign up. Reddit's achievement is one that other major social media platforms are surely monitoring with interest, with Meta, the company that owns Facebook and Instagram, considering launching its own marketplace. The new service was established on Polygon, an Ethereum-compatible blockchain chosen for its low-cost transactions and sustainability commitments. Just to give some context, after a few months, the cumulative sales of Reddit Avatars have topped $6.5 million according to Dune analytics.
Reddit, a popular social media platform, has recently launched a promotion where top redditors can receive a free NFT. However, claiming this free NFT is only available for users who have earned a high number of Karma points, estimated to be around 2,500 or more. If you meet this requirement, getting your free Reddit NFT is a straightforward process.
First, visit the home page of Reddit on your desktop by clicking on the tab located in the top left corner of the page. Then, scroll down until you see a banner with an image of Reddit avatars that reads "You've Earned a Collectible Avatar." This banner will pop up between two Reddit posts or threads.
After finding the banner, click on the "Claim Yours Now" button that appears below the phrase. You will be redirected to a page where you can choose from several themes before claiming your avatar. If you do not see the banner even though you meet the requirements, don't worry as the airdrop is happening in batches, and every top redditor will eventually have their chance to claim their free NFTs from Reedit.
We must say that if you are a top redditor with 2,500 or more Karma points, don't miss the chance to claim your free Reddit NFT, because they can be claimed for free, but their value is about to be discovered. Follow the simple steps above to get your hands on a collectible avatar that you can add to your digital collection and enhance your Reddit reputation.
If you're looking to buy Reddit NFT avatars, you can do so through the official Reddit NFT marketplace. To access the marketplace, go to the homepage of Reddit and click on your profile in the top right corner. From there, click on the Style Avatar button in the drop-down menu, and then select Shop. This will take you to the official NFT marketplace, where you can browse through a variety of collectible avatars that are available for purchase.
Reddit uses the Polygon blockchain to mint their collectible avatars on-chain, that´s why many users call this collection the Reddit Polygon NFTs. Many of these avatars are designed by independent artists whom Reddit has partnered with. Some of these artists can also be found on the r/CollectibleAvatars subreddit, which is an invite-only community. There, you will be able to read AMAs by top NFT artists and posts about collectable avatars that are available for purchase. While there isn't an auction system for the collectable avatars, you can still purchase CryptoSnoos NFTs on OpenSea or on the official Reddit NFT marketplace, with each NFT coming with a fixed price that allows you to purchase one of these NFTs with fiat currency.
If you're interested in minting a Reddit NFT, the cost to do so is currently at a fixed price of 0.0000624 Eth, which is roughly equivalent to $0.08 USD. This price remains the same whether you choose to mint one or 100,000 copies of your NFT.
Alternatively, the price can also be expressed as 0.218 LRC, which is again approximately $0.08 USD. As usual, it's recommended to mint the Reddit NFT during off-hours, such as on weekends or at night, as the cost tends to be consistently low during these periods. In fact, it's uncommon for the cost to exceed 40 cents at any time.
To mint your Reddit NFT, simply upload the necessary information and file, then click "Accept" to the terms before proceeding to the "Upload Metadata and Mint" button. The cost of your NFT will be displayed on the next page, located in the bottom left corner. If the cost is too high, you can wait a bit, as the price tends to fluctuate.
In 2021, the most expensive Reddit crypto NFT ever sold was Snooprematic, a CryptoSnoo avatar minted on June 17th. It was purchased for 115 ETH, which is equivalent to approximately $205,000 USD at the time of buying. The buyer was jespow, the Co-Founder and CEO of the cryptocurrency exchange Kraken.
CryptoSnoos was Reddit's first venture into the NFT market, with the collectible avatars being minted on Polygon. These avatars were designed by independent artists who partnered with Reddit, and they were available for purchase on the official Reddit NFT marketplace.
The sale of Snooprematic was a significant moment for Reddit's NFT community, as it demonstrated the potential value of these digital collectibles. It also sparked further interest in CryptoSnoos and Reddit NFTs in general, as people began to see the possibility of investing in these unique assets. Reddit is just giving its first steps in the crypto world, and the NFT ecosystem is closely expecting Reddits´ next moves. Now that NFTS are a thing in the Bitcoin blockchain, many users are asking “when Reddit on Bitcoin?”