Reddit's NFT ventures
Reddit Avatars are the Trojan Horse of NFTs that are on boarding millions into Web3, and no one is talking about it 🧵 pic.twitter.com/x6LMCH0JAy
— AB (@ABBBBBB_NFT) October 19, 2022
$111,114.00
2.60%$2,639.23
5.25%$2.43
1.69%$680.56
1.41%$178.42
4.53%$0.999788
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4.14%$0.00001527
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7.54%$0.204374
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-0.01%$0.0469345
4.43%$0.062687
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17.72%$0.164254
0.97%$1.10
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0.00%$44.95
3.02%$0.0048138
2.84%$0.419007
1.17%$0.984735
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18.02%$0.879683
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0.21%$2,805.52
5.62%$108,915.00
2.16%$3.24
3.01%$0.03883999
3.50%$0.0198255
4.76%$1.00
0.03%$0.248865
4.39%$1.00
-0.03%$141.24
3.56%$0.337401
10.68%$0.392177
4.24%$32.82
18.18%$0.00006688
5.74%$110,963.00
2.70%$2,910.30
5.52%$0.00409606
17.61%$0.869106
3.57%$0.359262
2.26%$2,881.47
5.47%$0.999807
0.02%$25.05
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5.62%$2,637.25
5.29%$0.00000163
-0.17%$0.268134
6.14%$0.779855
16.06%$19.96
6.04%$2.92
8.10%$0.721644
5.29%$3.57
-6.22%$0.999372
-0.14%$0.808611
-0.74%$2,642.04
5.64%$19.48
-0.27%$2,846.19
5.26%$0.999721
0.00%$0.999796
-0.01%$25.27
5.62%$0.534029
6.14%$0.0007337
-2.80%$0.00300913
6.99%$0.00
5.57%$3.70
10.24%$0.334553
494.51%Reading
At least 3 million new users have turned to crypto, scrambling to scoop up one of Reddit's Collectible Avatars NFTs.
Redditors have created more than 3 million Reddit Vault wallets to buy and trade NFT avatars, which are based on the platform's Snoo character, since the series launched in July, according to chief product officer Pali Bhat.
Bhat was speaking on a panel at TechCrunch Disrupt in San Francisco on Tuesday with executives from Angel List and Calendly. Reddit has grown into an Internet giant since it launched in 2005. It generated $350 million in revenue last year and sees about 50 million daily active users, according to the company.
Reddit isn't the first to allow NFTs as profile pictures (also called PFPs), but it has been one of the more well-received launches.
Reddit's NFT success shows that there may be an appetite for JPEGs after all.
Twitter, for example, launched NFT profile pictures in January for its Twitter Blue subscribers, drawing a lot of criticism. Meta Platforms enabled NFTs for Facebook and Instagram users last month but has been struggling to overcome growing pains—like staged legs—with its metaverse rollout.
Conversely, Reddit's Web3 onboarding was compared to a Trojan House that will usher NFTs into mainstream adoption by at least one person on Twitter.
Reddit Avatars are the Trojan Horse of NFTs that are on boarding millions into Web3, and no one is talking about it 🧵 pic.twitter.com/x6LMCH0JAy
— AB (@ABBBBBB_NFT) October 19, 2022
It's also one of several blockchain-based features that have launched on Reddit this year.
After releasing the profile picture NFT collection in July, the site airdropped free Polygon NFTs to power users who had earned an especially high level of karma, points awarded for contributions to the site's communities in August.
The same month, the company announced that it would begin using Arbitrum Nova, a second, faster blockchain from the popular Ethereum layer-2 solution Arbitrum, to scale its Ethereum-based Community Points.
Meanwhile, Reddit co-founder Alexis Ohanian, who left the company in 2018, has been raising money for a crypto-focused fund at Seven Seven Six, his venture capital firm.
The firm has been managing more than $750 million since it launched in 2020, according to CrunchBase.
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Just days after DeGods founder Frank (aka Rohun Vora) said he was stepping away from the CEO role, a total of 16 DeGods NFTs from his Solana wallet were sold into open marketplace bids—a move he confirmed came from an attacker via a compromised trading laptop. The malicious actor was able to obtain more than 108 SOL, or nearly $19,000, for the stolen NFTs, which included a DeGod with a mythical helmet—one of the rarest traits in the collection. Some traders on X (formerly Twitter) were quick to...
Albrecht Dürer’s iconic 1515 artwork “The Rhinoceros” has been reinterpreted as a set of 11 sterling silver sculptures by Asprey Studio, each of which will be sold alongside a digital inscription on the Bitcoin blockchain. Produced by Asprey Studio in partnership with the British Museum, which holds Dürer’s original preparatory sketch for the woodcut, the sculptures are accompanied by a “a parent/child inscription that prevents any further additions and serves as a modern family tree of provenan...