It will be interesting to see how other social media platforms mainstream the next big thing in tech. By Ayush Jain Listen to this story In July this year, Reddit created its own NFT marketplace for users to buy and sell blockchain-based digital avatars through their platform.

It partnered with Polygon, an Ethereum-compatible platform, to mint the avatars and store and manage them in the Vault. The Reddit—Polygon initiative received an overwhelming response. Of these, 2. Crypto Twitter has been brooding over these numbers, which are believed to be higher than OpenSpace—the largest marketplace for NFTs. So, how was Reddit able to get users on board in its foray into Web 3?

In this new and improved version from , Redditors could create an avatar from a set of countless accessories, outfits, and hairstyles. The launch added to the Reddit Premium programme by making special accessories exclusively available to those users who were a part of it. The Collectible Avatars Series that Reddit launched this year had them licensing nearly 30 independent artists to create limited edition avatars and sell them on the Reddit platform.

Reddit defined the Collectible Avatars to be different from their other avatars in three ways: The Collectible Avatars are available for direct purchase, with artists being paid for each collectible sold. These avatars are blockchain-backed, providing buyers full ownership of the collectible. At the time of writing, there are more than 2. There are currently 2.

How do you get a Reddit Collectible Avatar? The shop page on the Reddit platform includes a list of all the available collections, more information on the artist and creators and a guide for setting up the Reddit Vault wallet. This led to a surge in adoption, popularity and widespread ownership across Reddit users.

As more avatars were used on the platform, more folks turned to the paid collections and started buying. Sales volume picked up in September, then even more in early October, as the paid collections started to sell out. But, Reddit users who have not yet claimed an avatar might still be in luck. Owners also have the full rights to transfer their avatars to other Reddit Vaults, as well as to other third-party crypto wallets i.

MetaMask , along with the ability to sell and trade them. Where are Reddit Collectible Avatars traded? The initial claim transactions are all executed on Reddit and require the Reddit Vault wallet. For paid collections, Reddit offered users the ability to pay via credit card, not requiring any interaction with cryptocurrency.

All the Reddit Collectible Avatars reside on the Polygon blockchain, where the underlying compatibility for Reddit Vault wallets exists. Further collection level and summary detail can be found on this Dune Analytics dashboard. On OpenSea, each Reddit Collectible Avatar collection has its own landing page, and all 61 of them can be found here.

Some of the top collections by floor price include Spooky Season from poieeeyeee 0. Each of those top sales is for Token ID No. Navigating OpenSea Polygon across the different seasons and collections can be tricky, and an aggregator site, redditfloor. The cheapest listing at the time of writing is 0. Some of the Reddit Collectible Avatars have increased by more than times their original price.

This begs the question: Why are they valuable? In my opinion, the answer is primarily tied to the concept of digital identity. And just as people IRL in real life flex status via fancy cars and jewelry, the same happens online. This trend began with the CryptoPunks , the first profile picture project PFP to take the NFT community by storm and the first to widely be used as avatars in Twitter and Discord communities.

CryptoPunks started being used as avatars and for digital identity in late and early , and their rise in price during that time helped kickstart a wave of additional PFP projects, most notably the Bored Ape Yacht Club. In the last year and a half, hundreds of 10, NFT profile picture collections have come and gone, with just a few dozen remaining relevant.

Several have attempted to offer utility mechanisms as added incentives to buyers, though with very mixed results. While the Reddit Avatars offer up some utility via the perks owners hold, the main driver of their value is in the status and clout. Now traders from the traditional NFT world are entering these projects, buying up the rarest ones rare defined by the supply, traits and serial number of the NFT and bringing up the overall floor prices along with them.

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