Reddit cryptocurrency.

Introduction: Reddit cryptocurrency

People are making hundreds of thousands of dollars selling these secret NFTs on Reddit, and on top of this, they actually launched their very own cryptocurrency that is being used right now. Guys, this may be the biggest use case of Web3 technology ever, and nobody is talking about it. So we all know that at the heart of NFTs are communities and decentralization, especially decentralized ownership, and these are some core values of Reddit. So it makes sense that they actually started to introduce NSTs and blockchain tech into their company, but the way they did it is so interesting. Reddit is setting the new NFT standard, and every company cares about follow-up.

Reddit cryptocurrency

What is Reddit’s NFT?

  • Reddit actually has an avatar shop right now where nobody on the platform can go. They can customize their own little avatar, and their avatar is just like this humanoid version of their logo. With that, they can put on hats, clothes, or whatever they want to customize the special title, Fella.
  • but where they actually implemented blockchain technology was with this collectible avatar drop so notice that I called it a collectible avatar because that’s what Reddit is calling them they are not using the word NFT anywhere on their website even though they are NFT and so it’s really interesting the only term they used was blockchain-backed they are calling these digital collectible avatars blockchain-backed which is really interesting made that choice so first and foremost they had those free avatars they are not on the blockchain whatsoever and then they actually have these collectible avatars that they launched on their platform natively and so they actually made these four collections called offerings drip squad meme team and the singularity so basically the people that have contributed most to their specific Reddit communities were rewarded with these free digital collectibles now since they were free obviously they are not doing it that great on the secondary right now on open.
  • They are at a 0.02-floor price of around 20 US dollars, but these are limited edition blockchain-backed avatars, so that was just a cool thing to do for their everyday users to reward them for actually participating in these communities.
  • So what they decided to do was actually partner with Reddit artists that were on the front page of subreddits like our comics and many other communities these artists were very well-known and consistently at the top of those subreddits so they actually partnered up with them to launch individual collections hand in hand in hand with those artists under the artists name so these artists then create the custom unique design of these digital collectibles of the Reddit logo avatar and actually launched these collocations with Reddit and the artist got to keep most of the money so these collections minted anywhere from ten dollars to hundred dollars with somewhere of these collections actually trending top 10 on open C with a floor price at 0.65 east at the time of writing this and over 250 each volume traded another project called the census has a floor price of over 1.2 each right now with over 200 eth volume trade on openc and if you are a person in the nft space wondering why you never heard of it might be because they actually put these NFTs on polygon and they actually chose to go with polygon because this was before the ethereum merge and polygon was a much environmentally friendly choice at the time and also they do have very low transaction fees and having gas fees on ethereum just wasn’t going to cut it for them and they valued low-cost fast transaction speeds as well as environmental frienfliness which makes sense as a bid corporation considering a lot of people hate NFTs and they think the NFTs and cryptocurrency are really bad for the environment. Yes, we are moving in the right direction, but that’s just the general sentiment of the public, and as the company, you need to be thinking about the optics of these decisions, and that’s what we are going to see a lot of these big companies choose to do as well.
  • So just to recap, what they are doing with these NFTs is that they are paid for with credit cards, but they are actually held in a vault native to Reddit, so Reddit created this thing called a vault, and the vault is essentially just your Web3 wallet, but it’s native inside of Reddit, so people create a vault privately so that they can actually buy and sell these digital collections directly.

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