Reddit's Web3 Strategy

11/23/2022 10:40

You probably saw Reddit Collectible Avatars making rounds on Twitter a few weeks ago. You may be wondering what the fuss is all about, but these cute little Snoo NFT avatars are blowing up crypto Twitter because Reddit's Web3 strategy to onboard non-crypto users is worth a closer look at. So, without further ado, let’s dive in!

What are Reddit Collectible Avatars?

Reddit Collectible Avatars are limited-edition digital collectibles based on the social platform’s mascot, Snoo. Designed by Reddit creators and independent artists and initially released in July 2022, these Reddit Collectible Avatars are backed by the Polygon blockchain. Their main utility is a digital identity on Reddit’s social platform, with some added perks on profile treatment.

If you are an owner of a Reddit Collectible Avatar, you can: 

  • keep it
  • trade it
  • sell it
  • use it as your avatar on Reddit. 

You can even customize your avatar by switching out gear and accessories. It is worth noting that your ownership rights over these Snoo NFT avatars are not as extensive as other NFTs, like the Bored Apes, which give you secondary sales. So, while you can copy and use your Collectible Avatar for personal use, you won’t be able to make merchandise or films based on the avatar you own.  

Massive Web3 Adoption from the Reddit Community

Just three months after the initial release of Reddit Collectible Avatars, Reddit spawned the creation of more than 3M crypto wallets, 99% of which are unique users. This surpasses OpenSea’s 2.3 million active wallets.

So, how did this happen? 

Understanding Your Target Customer                              

Like any type of business, it pays to know who your customers are, what they are thinking, and what they want. Reddit knew its community so well that when they released the Collectible Avatars, they didn’t even mention NFT. The reason? In their report, The ABCs of NFTs, they found that 70% of their community is open to the idea of buying an NFT from their favorite brands. However, this may be a tricky slope as 35% of Redditors agree that brands can ruin the future of NFTs.

So, Reddit created an NFT under the guise of "Collectible Avatars." These have the same underlying blockchain technology, but the branding is different. They don't mention any crypto or Web3 lingo. Would you call this deception? Not really. The information can all be found openly. All Reddit did was create a product they knew their community would love. I’d call it a creative genius! (And, a movement towards a future where blockchain underpins our online interactions, without needing to be center stage — what many people call for when they talk about mass adoption.)

Frictionless Web3 Onboarding

So now, Reddit has a digital product powered by blockchain technology. How did they onboard 3M new Web3 users? Simple. By making the process as simple and frictionless as possible.

You don’t need to be crypto savvy to start using Reddit's NFT-enabled avatars. As soon as you first use a blockchain-powered feature on Reddit (like when you purchase or receive a Collectible Avatar), the social platform will prompt you to create a Vault. The Vault acts as your digital wallet where you store and manage your blockchain-based digital goods (e.g., Collectible Avatar) on Reddit. 

Low Entry Cost and No Cryptocurrency Required

Unlike most NFT projects, you don’t even need to own cryptocurrency to purchase a Collectible Avatar. Reddit users can easily purchase one using fiat for as low as $9.99.

Marketing Done Right

Airdrops are an effective way of further increasing awareness and reach of a project. After a month of releasing the Collective Avatar project, some of Reddit’s top contributors and builders received free airdrops. This was a strategic move to promote the project and, at the same time, reward the social platform’s top users.

Final Thoughts

Reddit’s Web3 strategy was a success for a number of reasons. First, it provided its community a product that it wanted, packaged aesthetically, and sold with ease using simple interfaces and just a few taps. Moreover, it is relatively cheap, thereby easier to onboard many people without the friction of a high purchase. With the right marketing strategy, Reddit was able to promote its product and gain the traction it needs.

In this case, blockchain technology is fully behind the scenes. It was not the star of the show. It is the product itself. This means that Reddit didn’t need to use any fancy crypto or Web3 lingo or even cryptocurrency at all. All they needed was blockchain integration on its platform and the rest is history.

What do you think about Reddit’s Web3 strategy? Would you adopt this strategy for your project? What would you do differently?

 

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