Reddit is Back At It (And We Like What We See)

TL;DR

• Reddit has just dropped another huge series of NFTs.

• This time, Reddit has limited purchases based on “account age and other metrics,” so that newly-created accounts can’t buy a ton of NFTs, just to flip and earn a quick buck (also a nice way to reward loyal users).

• They’ve defined the playbook for Web2 companies looking to move into Web3; now they’re doubling down and showing the world that it’s not only possible, but it’s extremely valuable to do so.

Full Story

ICYMI, about a year ago, we wrote about Reddit’s plan to let users mint and claim NFTs for their avatars.

We first thought it was a terrible idea…

Then, as the NFTs were rolled out, we ate our words, again, and again.

We’ve eaten a bit over 18 million words at this point – but ya boys are still hungry.

Why are we telling you all this?

Because Reddit has just dropped another huge series of NFTs.

For this drop, they worked with 100 independent artists and other popular NFT collections like Cool Cats, with reinterpretations of the platform’s iconic “Snoo” character (👆 see pic).

The prices to mint this new series of NFTs ranges from $2.49 to $199.99.

Last time Reddit did a drop like this, there was a flurry of hype and prices quickly flew up.

This time, Reddit has limited purchases based on “account age and other metrics,” so that newly-created accounts can’t buy a ton of NFTs, just to flip and earn a quick buck (also a nice way to reward loyal users).

Here’s why we like what we see:

According to this Dune dashboard, there are over 14M unique wallets holding over 18M reddit NFTs right now.

That’s some damn fine adoption if we’ve ever seen it!

They’ve defined the playbook for Web2 companies looking to move into Web3; now they’re doubling down and showing the world that it’s not only possible, but it’s extremely valuable to do so.

More platform engagement, more revenue, more reasons to talk about Reddit!

Very cool indeed.