Morning Minute | Reddit Returns
GM! It's Logan here filling in for Tyler as he makes his way to NFT NYC. Need to plan your itinerary? Check out our NFT NYC Events Guide.
Take a minute to catch up on the latest in the Web3 space with today's NFT market analysis, top movers, and upcoming mints:
Today might be a big day in NFT land. Prepare yourself accordingly.
Reddit Returns (It Never Left)
I must admit, the first time the Reddit craze came around, I didn't really understand it.
As a non-Reddit user, it was difficult for me to grasp the enormity of Reddit's internet footprint. While web3 companies and collections are fighting between thousands of eyeballs and visits, Reddit is routinely humming along with nearly two billion monthly visits according to data from Statista.
BILLION....that's with a "B." That's a lot of people, eyeballs, and attention...the type of attention we're all yearning for as we cling to hope that web3 will become adopted by the masses.
Of course not all that attention is focused on niche subreddits about digital art or crazy PFPs, but some of that attention is. And...the kicker? Reddit is promoting the continued attention and adoption of web3 with its Collectible Avatars.
Sometime later today, Reddit will drop its Gen 3 Collectible Avatars featuring collections of varying sizes and price points. To prepare, let's take a quick trip through the last year of notable Reddit events.
The Initial Craze
While Reddit's Collectible Avatars were available for purchase as early as July 2022, the headlines didn't start rolling heavy until October of last year. During that time Reddit's digital collectibles, which manifest as NFTs on the Polygon blockchain, were trading millions of dollars in sales volume each week. Sales of some of the rarest Avatars were coming in around 20 ETH, with "The Hands No. 1" selling for 30 ETH during the mania peak.
But like most metas in web3, attention shifted seemingly as quickly as it came on, sending volumes and prices back down tremendously. Take a look at this chart that captures the major sales volume spike and (seemingly inevitable) decline.
A pump like the above may have severely impacted the roadmap of a small web3 native team, but Reddit just kept churning along, seemingly unfazed.
The Collectible Avatars got major lifts and engagement with two notable sporting events, The World Cup and Super Bowl.
In each case, millions of additional Collectible Avatars were minted for free.
And now, in less than one year, Reddit has garnered the folllowing stats according to a Polygon Analytics Dune dashboard:
- 7.3 million Collectible Avatars holders
- 10.6 million Collectible Avatars
- $74.5 million Collectible Avatars market cap
Is this what adoption looks like?
Many have speculated that digital collectibles and NFTs would graduate from being dominated by pricey, thousand dollar objects into a category more accessible and attainable for the average person. Might the future look a lot more like collecting in real life? Most of us collecting for the fun of it, while the pros wheel and deal in a backroom?
Is Reddit leading the charge?
Gen 3 Launch
That brings us to today, a day in which we're expected to get the Reddit Collectible Avatars Gen 3 launch. Although no official time has been shared, Reddit indicated it will launch sometime this afternoon (Eastern time focus).
To be prepared, make sure you have a Reddit account, some expect a sellout in just a few minutes. More details about the launch can be found in our original reporting.
I'm mostly interested in the pricing out of the gate. For the first major paid Reddit Collectible Avatars launch, most of web3 was sleeping and it took months to catch up to the collections that later commanded millions in secondary trading. This time though, web3 is keenly aware of what's going on.
Will some users turn around generational wealth in a day? Or have we hyped this too far?
I'll check in tomorrow.
🚚 What else is happening in NFTs?
Here is the list of the headlines from a slow weekend in NFTs:
- Trading volume came in at 21.9K ETH on Monday, an uptick from a quieter Easter Sunday.
- .SWOOSH will airdrop free digital posters to users at random, providing them preferred access for its Our Force 1 drop.
- Parallel will host a playtest. Both new and returning users will have a chance to try out the highly-anticipated game ahead of its official launch.
- NFT NYC starts tomorrow. Plan your NFT NYC itinerary with our NFT NYC Events Guide.
- Doodles opened Community Council applications. Five spots are up for grabs for Doodles holders.
- $WOOL sinks are coming. Wolf Game will implement community appointed burns as voted on during its latest governance round.
🌎 Around Crypto and Web3
A few other Crypto and Web3 headlines that caught my eye:
- The crypto market was up overnight. BTC +6.2% $30,124; ETH +3.1% at $1,920; APE 3.1% to $4.34
- Fire announced a $3.5 million raise to help make transacting in web3 safer.
🚀 NFT Total Volume
- Wrapped CryptoPunks (11,240 ETH, 57.03 ETH Floor)
- Milady Maker (1,355 ETH; 1.94 ETH)
- MAYC (1,162 ETH, 13.02 ETH)
- BAYC (1,060 ETH, 58.84 ETH)
- Nakamigos (624 ETH, 0.71 ETH)
📈 NFT Floor Price Increase
- adidas Originals: Into the Metaverse (37%, 0.55 ETH Floor)
- Slim Hoods (31%, 0.06 ETH)
- Live Like a Cat (25%, 0.90 ETH)
- Pixelmon (13%, 0.68 ETH)
- Mavia Land (8%, 0.40 ETH)
🗓 Upcoming NFT Mints and Reveals
A few drops later today, with the most notable the Reddit Gen 3 Avatars (though a time is still TBD).
- The Source of Water Collection (1:00 p.m. ET); 0.65 ETH
- IDIOSINCRASIA by Buscando America (1:00 p.m. ET); 0.045 ETH
- Reddit Gen 3 Avatars (E.T. Afternoon, TBD); Various Price Points
Enjoy this write-up? Follow along with me on Twitter @lhitch09 or reach out via email firstname.lastname@example.org.
For all volume and floor price data, see Lucky Trader's Project Rankings page.
For all upcoming mints, see Lucky Trader's Project Schedule page.