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The Most Successful Web3 Launch in 2022

Reddit’s Collectible Avatars enable people to buy profile pictures – for personal use or to sell to others.

The marketplace supports artists where creators pay Reddit 5% for minting costs, but retain the remainder of the earnings, less payment fees from Stripe or Apple or Google. Plus, creators receive 5% royalties on every subsequent trade. The avatar trading subreddit has an active dialog of current collections and utilizes blockchain.

Why is this the most successful web3 launch this year?

  1. 3.2m Reddit users have a Collectible Avatar. That’s 10 x more than the number of Axie Infinity users, the game that has captivated the web3 – and has twice the number of OpenSea users
  2. The Creator ecosystem is vibrant with 49 unique creators having drawn avatars. On average, a Creator earns $189k gross revenue from the sale of their work. In all, users have spent $11.4m supporting Creators.
  3. The product blends web2 & web3 user experience. When you login to Reddit, you select the settings for updating your avatar – and find the collectible marketplace. There you choose an avatar – a free one or a paid one. At that moment, the point of maximum intent, you create a blockchain wallet to store your new avatar. Users manage the web3 assets inside a web2 product so it feels familiar.
  4. The experience retains its crypto-nativeness. It’s possible to migrate your Reddit wallet to Metamask or other classic wallets.

This is a good example of getting past the biggest challenge facing web3 today –  how to bring new users and new money into the ecosystem.  Experiences like Collectible Avatars bridge the gap between the web2 & web3 worlds in a way that is native to the product and the community – which attracts millions of new consumers to web3 and millions of new dollars.

Dec 20, 2022          CAIL Innovation / Web3 commentary