What are Reddit Collectible Avatar NFTs?
Summary of Reddit Collectible Avatar NFTs
PFP NFTs are the images that identify users on social platforms. For example, on Twitter, PFPs are shown as little round or hexagonal images that appear next to a user’s name.
Collectible Avatars represent fully customizable iterations of Reddit's alien mascot Snoo in various artistic styles. Reddit launched the collection (now in its third generation) in partnership with different independent artists around the world.
After purchasing a collectible, holders can choose to set their avatars as their Reddit profile picture. Reddit Collectible Avatars also feature a blue hexagonal ring around the Snoo mascot, which sets it apart from non-NFT avatars.
Using the site's native avatar builder, user's can customize their avatars appearance. The functionality is similar to character creation in video games where players can customize their various attributes. While any Reddit user can build their avatar this way, premium subscription members can choose from other 'special' clothing, accessories, and features to personalize their avatar.
Before you can buy a Collectible Avatar from the official Reddit Avatar store, you'll need to create a Reddit Vault. Reddit Vaults are in-house cryptocurrency wallets that allow avatar holders to keep their NFTs safe and prove their ownership.
Reddit made the conscious choice to refer to these avatars as "digital collectibles" rather than non-fungible tokens. Many see this labeling as an effort to be more approachable towards non-crypto natives looking to enter the space.
Reddit avatar launches
GEN 1 Reddit avatars
In July 2022, Reddit made 40,000 first generation (GEN 1) avatars avalible for purchase. Artists such as Hoppy Doodle, Alicia Freeman and PUZZ.eth contributed their pieces to the drop.
This was soon followed by a free drop that was distributed based on Reddit users' activity on the site, know as Karma. Artists involved in this launch included Meme Team, Drip Squad, and Aww Friends.
Now, anyone can buy these limited-edition Reddit Collectible Avatars from the official marketplace with traditional currencies like cash (depending on availability), or on secondary marketplaces using a cryptocurrency like Bitcoin (BTC), Ether (ETH), Solana (SOL) and more.
Following the huge success of the first launch, Reddit has continued to release new generations of the collection.
GEN 2 Reddit avatars
GEN 2 Reddit Collectible Avatars launched in October 2022 and featured a new range of Halloween-themed Snoos. These avatars included spooky artwork from GEN 1 artists such as Aww Friends, plus contributions from artists like Rojom.
Capitalizing on the excitement of the holiday season, GEN 2 NFTs sold out in less than 24 hours.
GEN 3 Reddit avatars
In April 2023, Reddit released the third generation of their Collectible Avatars. While GEN 1 and GEN 2 of Reddit avatars featured NFTs from more than 32 artists, GEN 3 features work from more than 100 digital artists.
With the launch of GEN 3, over 11 million Reddit Collectible Avatars now exist within the collection, according to Dune Analytics.
Why Reddit Collectible Avatars are important
Many see Reddit as a great entry point for new individuals entering the Web3 space.
With a global user base of over 1.5 billion monthly active users on Reddit, their Collectible Avatars represent a significant opportunity to introduce NFTs, blockchain technology, and cryptocurrency to millions of new people.
But one of the most significant aspects of Reddit’s NFT launch is not the actual act itself, but the process they followed.
Instead of marketing the launch as an NFT sale, Reddit consciously opted to use alternative language. The term "Collectible Avatars" worked well at keeping even the most crypto-averse users intrigued. The seamless integration of Reddit "Vaults" meant the process was more like setting up a new email account than creating a crypto wallet.
Limiting the Avatar store to traditional cash payments, rather than different types of cryptocurrency, helped to make sure the greatest possible number of users would participate in the launch.
Another key factor that has contributed to the ongoing success of Reddit Collectible Avatars is their tangible utility. Unlike many other NFTs, where collections launch before any infrastructure exists, Collectible Avatars have instant utility on Reddit's hugely popular platform. People already enjoyed customizing their own Snoo Reddit characters in the platform's in-house avatar builder. The addition of NFTs comes across as a natural extension of the existing service.
The onboarding of popular artists also works to promote appreciation for digital artwork and collectibles — two vitally important components for NFT adoption.
Overall, this mindful and hugely successful approach to cryptocurrency integration may encourage other major platforms to follow suit.
Why buy a Reddit Collectible Avatar NFTs?
Beyond their aesthetic appeal, there are several reasons and benefits for owning a Collectible Avatar.
First, partnering artists receive a percentage of initial sale proceeds and all future secondary market sales. This feature allows fans to support their favorite digital artists, while allowing creators to generate a sustained revenue stream and increase their online presence.
Second, owning a Collectible Avatar allows you to stand out from others online, both inside Reddit and beyond. Holders can customize virtually all aspects of their avatars to reflect their own individual flare and identity. Furthermore, a glow-like effect is added to any Reddit comments posted by avatar owners.
Finally, as demand rises for these limited digital collectibles, they could increase (or decrease) in value. Secondary sales volume has already broken eight figures and the number of new unique holders continues to climb.
What do I own when I have a Reddit Collectible Avatar?
When you purchase a Collectible Avatar, you're buying the ownership rights for that specific piece of unique artwork. The NFT uses cryptography rather than relying on an intermediary to prove that you are the rightful owner of the avatar.
In an official post, Reddit stated Collectible Avatars provide several rights to the holder, similar to most other blockchain-based NFTs.
"What you actually ‘own’ is a bundle of rights, including the right to display avatar art associated with your Collectible Avatar on and off Reddit, along with the right to access specialty avatar effects when displaying that art as your avatar on Reddit."
Additional rights include the ability to copy the artwork for personal use and sell your Collectible Avatar to others.