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?
- 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
- 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.
- 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.
- 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 www.cail.com email@example.com