Despite the challenges facing the crypto market, Reddit’s collectible avatars initiative, which was launched in partnership with Polygon, has been a success. To date, over 5 million NFT collectibles have been minted, which was a positive in an otherwise difficult time.
After the initial announcement in July, avatars quickly grew in popularity. A few months later, Reddit Product Chief Pali Bhat revealed that over 3 million Polygon wallets had been created by users. Reddit uses Vault Wallet to store and manage NFTs directly from the Reddit app, with the majority created to purchase avatars.
On December 3, a new daily record was set with more than 250,000 NFT avatars minted, surpassing the previous one-day peak, which saw just over 200,000. A few weeks later, the total number avatars minted topped the 5 million mark, with more than 4.25 million unique wallets containing at least one collectible, according to Polygon and Dune Analytics. Reddit has overtaken OpenSea, one of the largest NFT marketplaces, in total number of users owning NFTs.
While NFTs have had branding issues due to their association with “snake oil” scams, Reddit has simplified the process by using familiar terms and avoiding jargon as much as possible. This makes user experience and community design key to the success of the initiative. Reddit has also made creating wallets effortless and seamless. Unlike the conventional way of creating wallets today, Reddit creates it for you with just a few clicks.
The majority of NFTs created so far have been free avatars given away to highly active users of the site, which has millions of separate communities or subreddits. These avatars give users social power within their subreddits. With an avatar, they can stand out in comments, award valuable rewards, and use them as profile pictures.
Polygon has proven to be a successful platform for several major brands, including Instagram, Starbucks’ recently launched rewards program called Odyssey, and Nike. Through this initiative, Reddit is showing how Web2 platforms, through avatar giveaways, can drive meaningful adoption in Web3. The initiative’s track record of more than 5 million NFTs minted demonstrates the potential of familiar, user-friendly social platforms.