If you’ve been following our research, you know that I’m a huge fan of consumer use cases for NFTs. It’s crystal clear to me that NFTs are going to be what truly brings in mainstream adoption into the space.
In my opinion, Reddit’s NFT initiative can be seen as a slow catalyst for NFT adoption and blockchain usage. While the numbers are modest, they are still significant! Especially considering the overall low number of active NFT participants during the current market cycle.
– 12.5 million Reddit avatars have been minted with 8.7 million unique holders (!!!)
– 82% of avatars are held by wallets that own only a single Reddit avatar
– 540k of these avatars (4%) have ever been transferred or traded
– 45k vault wallets (0.5%) have made a blockchain transaction
Reddit’s successful implementation of NFT avatars showcases the potential for large tech companies to leverage NFTs effectively: (1) Enabling novel user interactions (e.g. Avatar mashups) and (2), spurs increased platform engagement We’ll see more big tech <> NFT involvement soon.
By simplifying onboarding, minimizing jargon, and streamlining wallet management, Reddit has engaged millions with its NFT feature. …while deftly avoiding the backlash from NFT haters (we all know there are many out there).
