Reddit and NFL Drop Super Bowl LVII Collectible Avatars

The Alpha:

Reddit’s Collectible Avatars are back (which are certainly not NFTs). The social media platform, in collaboration with NFL, released the Super Bowl LVII Collectible Avatar Collection yesterday.
Reddit users can get NFTs for free. They also provide unique benefits like Reddit’s other drops. You can choose from four types of NFTs: Eagles Chiefs, The Champs or LVII Super Fans collectible. Redditors can only mint one account. More than 651,800 avatars have been created so far.
The collection currently has a floor price at 0.0002 Ethereum on OpenSea and has generated 3 ETH in trading volume.

Dive deeper:

Reddit was the news with its 2022 release of the first NFT collections. The CryptoSnoos NFTs, also known as Collectible Avatars (or CryptoSnoos NFTs), were inspired by the platform’s mascot Snoo and were created by both Reddit creators and independent artists. These avatars offered certain benefits to users, such as unique profile animations. They also gave holders a CC0 license that allowed them to use the avatars however they wished.

img alt=”Reddit Super Bowl LVII Avatar” class=”wp-image-29195″ height=”392″ sizes=”(max-width: 393px) 100vw, 393px” src=”https://nftnow.com/wp-content/uploads/2023/02/Reddit-NFL.png” srcset=”https://nftnow.com/wp-content/uploads/2023/02/Reddit-NFL.png 998w, https://nftnow.com/wp-content/uploads/2023/02/Reddit-NFL-700×699.png 700w, https://nftnow.com/wp-content/uploads/2023/02/Reddit-NFL-150×150.png 150w, https://nftnow.com/wp-content/uploads/2023/02/Reddit-NFL-768×766.png 768w” width=”393″/>

A Reddit Super Bowl LVII Avatar. Credit: Reddit

NFTs appeared to have just emerged from nowhere. They quickly became a major player in the NFT market, with sales volumes exceeding $12.5 million and establishing themselves as the largest Web3 onboarding event in blockchain history. Reddit’s strategy to avoid using the term NFT in all press releases was key to this success. Instead, they decided to call the tokens digital collectors. This strategy was not only hugely successful, it also produced some of the most hilarious comedy that the Web3 space had ever seen.

Next steps

The new collection is released at a time when crypto and the NFT are in a difficult place. Reddit’s rise was before Sam Bankman-Fried’s FTX collapsed, which caused already precarious sentiments toward the crypto world to become outright hostile. It’s not surprising that Reddit continues to experiment with NFT, given its success in 2022.

Credit: Reddit

Reddit may be following Candy Digital’s lead in partnering up with the NFL to increase their collectors’ reach to league fans. Another platform that has had success with Major League Baseball, MLB Players Inc., and helping them roll out their Web3 initiatives is Candy Digital. This may be due to the fact that they too have avoided calling NFTs their technical names.