Reddit is secretly building a metaverse empire.
NFT avatars are JUST the start.
Here's their master plan and how you can capitalize 🧵
Overview:
1. Avatars are the Trojan Horse
2. Reddit is a metaverse w/ crypto objects
3. Things to watch (WARNING: this section contains alpha)
Let's dive in 👇
1. Avatars are the Trojan Horse
They're...
· Versions of @reddit's mascot, Snoo
· In partnership with Reddit artists
· Designed for Reddit's massive userbase
· Enabling special profiles which make the avatar standout and receive special comment privileges
The Avatars are poised to become huge because:
1. Redditors care about the benefits
2. Pseudonymity is commonplace on Reddit
3. Seamless onboarding & crypto infrastructure
4. Low-priced with a scalable supply growth mechanic
5. Combinable avatar components to incite more buying
2. Reddit is a metaverse...
and each subreddit is a virtual world.
The forum-based nature of Reddit doesn't scream "metaverse!" but it has many of the components (identity, objects, payments, history, etc).
2.1 Avatars will lead the proliferation of "Redditverse"
Free 2 Own at scale will red pill Redditors into NFT degens — likely using custom avatars which speak to their unique interests.
The utility and recognition of the avatars will grow as adoption grows (network effects).
2.2 Infiltrate other ecosystems
Reddit partnered with Riot Games to create avatars and is rumoured to be partnering with Sandbox.
PFPs are the greatest marketing vehicle ever created and Reddit can generate unlimited co-branded versions and have them advertising everywhere!
2.3 Tokenized Community Program
Tokenized subreddits can curate better content, create premium memberships, and add governance.
Reddit can become like Twitter, Discord, and Snapshot all in one!
Imagine a private community for gen 1 Snoo holders or a Foustling collector DAO.
2.4 It's the best of both web2 and web3 worlds (for them)
Reddit maintains control over its core $ maker, the forum, and adds a new crypto asset layer.
They can profit off NFT sales and have their assets run through other web3 projects.
2.5 Reddit has the resources & crypto chops to pull it off
· Founded by @alexisohanian (lead @moonbirds & @doodles VC)
· Introduced crypto payments in 2013
· Raised $550m in last 3 yrs
· Subreddit coins 2 yrs ago
· 2x revenue from 2020
3. How you can capitalize:
Reddit avatars will have more generations and some early price indicators are:
· Art quality
· Artist reputation
· Meme (eg, conehead)
The real alpha is in the r/avatartrading Discord and subreddit bc you can see what the OGs are vibing with.
3.1 Peep low priced & 1/100 Gen 1 avatars
There will only ever be ~36k of these and some are <$100 still.
Some hardcore collectors may want full sets which could cause the low supply, 1/100, prices to moon.
3.2 Look for major platforms launching avatars
You missed generational wealth on the Reddit Snoos?
No sweat fren... there will prob be a half dozen similar major PFP rollouts.
Keep your eyes open and immerse yourself in those communities when it happens!
(h/t @GiancarloChaux)
3.3 Begin posting on Reddit!
NFT Twitter is becoming saturated with threadoors and the vibe on Reddit is becoming more NFT friendly.
You can reach a new audience and make new frens. You'll also build up karma which could be rewarded in future Avatar mints.
In summary:
1. Avatars are the Trojan Horse
2. Reddit is a metaverse w/ crypto objects
3. Reddit has the $, team & motivation to pull it off
4. Prepare for future Reddit mints & other networks
ps, there are 3k actively trading wallets ("3M wallets" is misleading)... We're early
Closing thought:
Reddit avatars 100x'd because people weren’t expecting them to 100x.
The next BAYC will not look like the last BAYC.
The best opportunities are ones with immense potential but aren't in the zeitgeist... yet.