Reddit is a social platform that easily clicks with creators, as they can freely share and discuss content on diverse topics. But at this point, it is far beyond the mere Internet forum it once was, becoming more sophisticated and feature-rich over time.
Reddit started its foray into crypto in 2020, when it experimented on community points, a reputation-based system powered by blockchain technology that allows creators to earn rewards and unlock certain perks through their content.
And today, it appears that Reddit is just getting started with web3, exploring beyond digital currencies and setting its eye on non-fungible tokens (NFTs). It may have been building in silence, but the figures speak volumes considering one of its highest sales (Snooprematic) fetched 115 ETH (over $145K).
If you’re a content creator, chances are that you’re thrilled to bits to hear this. Let’s dive deeper to explore the world of Reddit NFTs.
What are Reddit NFTs?
Reddit NFTs, also known as “CryptoSnoos,” are collectible digital assets that owners can mainly use as an avatar to showcase their personas on different social media platforms. Each NFT belongs to a wide variety of themed collections, such as casual, elemental, and futuristic Snoos; you name it.
All Reddit NFTs live on Polygon, a decentralized layer two (L2) protocol and sidechain powered by Ethereum that allows users to process low-cost asset transfers across digital wallets.
Additionally, NFTs are one of the platform’s ways to test the potential of blockchain technology. Although it only started with the launching of legendary CryptoSnoos, the growth has been immense thanks to the interest and support of the community.
The legendary CryptoSnoos are a type of Reddit NFTs that are in a league of their own, as the collection only consists of four characters: Original Block, Helium, Snooprematic, and Stardust. Legendary CryptoSnoos come in simple designs, yet each has a profound concept that portrays history, culture, expression, and identity.
Let’s get to know them more:
- Original Block looks closely similar to Reddit Snoo, the first alien logo of the platform. However, upon looking closely, Original Block has pixelated 3D elements on its body, which represents the platform’s early days and its transition into the modern medium;
- Helium has sparkling blue skin and a detailed contrasting color, representing the contemporary art movement. It also doesn’t have a face, giving viewers the freedom to work on their imaginations to create a story behind this Snoo;
- Snooprematic is a combination of shapes in various colors that forms abstract art to show its genuine expressions; and
- Stardust is a dancer dressed in dazzling style. Its persona celebrates the freedom to explore your identity to become the happiest version of yourself.
Additionally, Reddit proudly supports creators and their art, which we can evidently see in the concept of legendary CryptoSnoos. Currently, more artists can showcase their skills by creating different NFT designs on the platform.
The Avatar Builder
Reddit has its way of unleashing your inner creative personality using the avatar builder, a feature that enables you to mix and match wearables. You can even combine blockchain- and non-blockchain costumes.
Now, your personality will never be boring, given the countless options available on Reddit’s avatar builder.
Normal vs Collectible Avatars
Avatars have taken over Reddit, and they’ve been evolving since. Although the community still widely uses the normal pfps, more users are hopping into the new NFT experience. What difference do they make? Let’s find out.
You can use normal avatars for free unless they’re premium and come in different styles. However, there’s nothing much you can do with them besides representing identity.
Although you can’t easily determine the difference between the two, holders found a lot of purposes in buying Reddit NFTs, one of which is true ownership. Blockchain powers these digital assets, providing you the right to use them in any way across any platform or protocol.
You can store them in your digital wallet, sell them on third-party marketplaces to earn profits, or use them as your avatar not only on Reddit but also in other places. The possibilities are essentially limitless.
The Reddit Vault App
You should treat every NFT you own as a valuable asset, which requires storing them in a safe place only you should know. Thanks to the Reddit vault app, that’s not a problem anymore. But what does it do?
The Reddit vault app is a digital wallet that allows you to store blockchain assets, such as CryptoSnoos NFTs. However, it’s your sole responsibility to secure it as there’s no way to retrieve your account once lost.
If you’re curious enough to explore this side of Reddit, let’s start with creating your Vault. Note that this feature isn’t available on desktops and only accessible on mobile devices. Thus, the first step would be downloading and installing the application on your phone.
Once ready, open the Reddit app and head to your avatar in the upper-right corner of your screen, where you’ll immediately see the Vault button. Click it and wait until you’re on the next page.
Next up, Reddit recommends securing your Vault with two options: Backup on Reddit or Backup Manually. Choose one to proceed.
Your Vault also needs a password to make it more secure. Follow the requirements to move to the next step. Wait for a few seconds until your Vault is ready.
Congratulations! You’ve successfully created your Reddit Vault. Use this wallet to discover more of what the app can offer, including NFT collections.
How to Buy Reddit NFTs
Reddit has an NFT marketplace built directly on the platform. Unfortunately, all collectibles are currently unavailable. Don’t fret because you can still purchase them on secondary marketplaces like OpenSea. However, there are requirements you should complete first.
You can buy Reddit NFTs with a digital wallet (e.g., Metamask) and enough funds to cover the cost, including network fees. But you need to be mindful of their crypto price because some need blockchain bridging.
For example, if the owner sells CryptoSnoo in ETH, you need to convert that crypto into $WETH, as you’ll be transferring assets from Ethereum to Polygon. Alternatively, you only need to buy on an exchange if the asking price is in $MATIC, the native digital currency of Polygon.
Once set, head over to the marketplace and pick a collectible. Additionally, the value of Reddit avatars greatly depends on the type, aesthetic, and sellers; they currently range from $5 to $3,000. But some listings are even higher, reaching millions.
Lastly, pay the NFT price, but don’t forget to review the total cost. Now, open your digital wallet to check on your newly-collected avatar, and use it as you wish.
How to Sell Reddit NFTs
Selling Reddit NFTs only requires a digital wallet, some funds to cover listing fees, and the NFT.
The first step is to open your digital wallet and import your Reddit Vault using a recovery phrase. Fund your wallet with MATIC, which you can avail of directly on your wallet or exchange.
Next is to visit OpenSea, where you can list your CryptoSnoo. Connect your digital wallet holding the NFT. Once linked, explore your profile and click on the asset you’ll be selling. Don’t also forget to set a listing price.
If a buyer purchases your Reddit NFT, the payment will instantly go to your wallet. However, sales don’t usually happen in just a day; in fact, they might not sell at all depending on how much you price them.
Collectible Avatars Creator Program
Reddit has numerous avatar styles thanks to its partnership with independent artists via the Collectible Avatars Creator Program, which enables creators to improve their skills by giving life to Snoo while earning revenue from sales.
There are only three requirements to join: over 18 years of age, eligibility to use Stripe, and experience using Adobe Illustrator. Once accepted, some mentors will guide the artists’ growth on this journey.
Each creator is entitled to royalties when owners resell their NFTs on secondary marketplaces, which provides them a source of perpetual income. However, creators only get IP rights to their design, not the mascot as it belongs to Reddit. Therefore, they can’t use Snoo in your artwork.
This step shows that Reddit supports artists and their works despite the ongoing debate about royalties in the NFT space. But this is still in its early stage, and only time will tell whether it will continue or fade on the platform’s next steps to adoption.
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