gistfile1.txt

<blockquote>
 Original article by Eric Choi
</blockquote>
<blockquote>
 Deep tide TechFlow
</blockquote>
<p><br></p>
<p>Reddit is a popular online site that allows users to discuss, vote and share content (similar to post bars). It has more than 1.5 billion registered users, 430 million monthly active users, and 52 million daily active users.</p>
<p><br></p>
<p></p>
<p>I think of Reddit as a search engine. For example, when searching for a car before buying one, I would use Reddit to check out "Honda CRV" and read the comments in the relevant subsections.</p>
<p><br></p>
<p></p>
<h3>Why does Reddit publish favorite avatars in the form of NFTS?</h3>
<p><br></p>
<p>Reddit issues collectible Avatars (NFTs) to give artists within its community a way to profit from their work. Reddit only keeps 5% of sales to support the creator program, with the rest going to the artists.</p>
<p><br></p>
<p style="text-align:center;"><img src="https://image.theblockbeats.info/upload/2022-10-25/e2d24a0fedfe487c4526f06dbb02b357a2398fa2.png?x-oss-process=image/quality,q_50/format,jpg"></p>
<p style="text-align:center;"><br></p>
<p>Reddit has teamed up with around 30 artists to release the second generation of 40,000 collectible avatars. Released on Oct 21, 2022, they sold out within 24 hours, a big improvement over the first generation released in July 2022, which took weeks to sell out.</p>
<p><br></p>
<p style="text-align:center;"><img src="https://image.theblockbeats.info/upload/2022-10-25/e934e2cf52a2d32b141857f41fb5c69f219083c5.png?x-oss-process=image/quality,q_50/format,jpg"></p>
<p style="text-align:center;"><br></p>
<p style="text-align: left;"></p>
<p></p>
<p></p>
<p>People who buy NFTS can post them as personal photos on Reddit and other platforms, or sell them on secondary markets like OpenSea. The most expensive NFTS are now about $14,000, according to the RedditFloor.</p>
<p><br></p>
<h3>How did Reddit get non-Web3 users to buy its NFTS?</h3>
<p><br></p>
<p><b>1.</b> <b>Reddit used the term "digital collection" instead of NFTs to reduce feelings of psychological exclusion for non-Web3 users.</b> In fact, this isn't Reddit's first foray into NFTs. In the summer of 2021, Reddit released a limited series of four CryptoSnoos NFTs, which are digital artwork based on Reddit mascot Snoo.  </p>
<p><br></p>
<p></p>
<p><b>2. Non-web3 users can easily create their wallets with familiar password Settings.</b> No need for mnemonics or knowledge of public addresses (0x...) .  </p>
<p><br></p>
<p style="text-align:center;"><img src="https://image.theblockbeats.info/upload/2022-10-25/3fb7731adb496ef0662fc9a7a1da85533f45bd7c.png?x-oss-process=image/quality,q_50/format,jpg"></p>
<p style="text-align:center;"><br></p>
<p style="text-align:center;"></p>
<p></p>
<p></p>
<p><b>3. 40,000 collection NFTS can only be purchased with fiat money at a fixed price.</b> Non-web3 users don't have to worry about how to buy ETH or MATIC on cryptocurrency trading platforms.  </p>
<p><br></p>
<p style="text-align:center;"><img src="https://image.theblockbeats.info/upload/2022-10-25/1ae68a4b6abfa7f7b887a3d64d4d5ec11414bc00.png?x-oss-process=image/quality,q_50/format,jpg"></p>
<p style="text-align:center;"><br></p>
<p style="text-align: left;"></p>
<p></p>
<p></p>
<h3>Why did Reddit choose Polygon?</h3>
<p><br></p>
<p><b>The main goal is to keep transaction costs low and save energy.</b> The Polygon blockchain is known for its flexibility, scalability, and low Gas fees, while maintaining the advantages of the Ethereum blockchain. <b>The Polygon organization is also leading the mass adoption of Web3. It has partnered with top brands like Coca-Cola, Starbucks, Draftkings, and Meta to bring users into Web3.</b>  </p>
<p><br></p>
<p style="text-align:center;"><img src="https://image.theblockbeats.info/upload/2022-10-25/27c9c34f196184b04682be1a90f6792192707660.png?x-oss-process=image/quality,q_50/format,jpg"></p>
<p style="text-align:center;"><br></p>
<p style="text-align:center;"></p>
<p></p>
<p></p>
<h3>How has it done so far?</h3>
<p><br></p>
<p><b>Since its launch, about 3 million wallets have been created on Reddit, and Reddit NFT has a market capitalization of about $100 million with daily trading volume of $230,000. This is quite surprising, given that OpenSea has only created 2.3 million wallets so far.</b><br></p>
<p><br></p>
<p style="text-align:center;"><img src="https://image.theblockbeats.info/upload/2022-10-25/74454282f914d2a0cd5ac05ae7538f587284d04a.png?x-oss-process=image/quality,q_50/format,jpg"></p>
<p style="text-align:center;"><br></p>
<h3 style="text-align: left;">So has Reddit NFTS been adopted on a large scale?</h3>
<p><br></p>
<p>Not yet, for two reasons:</p>
<p><br></p>
<h4>1. The numbers remain small</h4>
<p><br></p>
<p>Unique Reddit NFTS have fewer than 100,000 owners, or less than 0.1% of its 52 million daily users. Even if all 3 million Reddit cryptocurrency wallets bought Reddit avatar NFT, it would still represent less than 6% of daily users.</p>
<p><br></p>
<h4>2.Reddit hasn't found a sustainable business model yet</h4>
<p><br></p>
<p>If we are generous and assume that all 40,000 NFTS were sold for $99.99, Reddit made about $200,000 from NFT sales. Reddit had $350 million in revenue last year, so NFTS accounted for just 0.006% of its revenue. However, Reddit has certainly taken the first successful step towards mass adoption of Web3 and has set an example for other Web2 companies to follow.</p>
<p><br></p>
<p>Here are the key takeaways from Reddit's NFT explosion:</p>
<p><br></p>
<p><b>1. Serve your community before you make money.</b> Reddit licenses artists to display their work and receives 95% of the revenue from NFT sales.  </p>
<p><br></p>
<p><b>2. Reduce friction when creating a cryptocurrency wallet.</b> Reddit lets users create a cryptocurrency wallet by simply setting up a password. No mnemonic, no public address.  </p>
<p><br></p>
<p><b>3. Let users buy NFTS with credit cards.</b> No Web2 user wants to buy ETH or MATIC on a cryptocurrency exchange because they want to buy NFTS.  </p>
<p><br></p>
<p><b>4. Choose a blockchain with low Gas fees.</b> Nobody wants to pay a $50 Gas fee for a $30 NFT avatar.  </p>
<p><br></p>
<p><b>5. Start small and iterate.</b> Reddit has 52 million daily active users, but it has posted fewer than 100,000 NFTs. The team will gather feedback from holders and other users and improve the purchase process for the next version of the NFT.  </p>
<p><br></p>
<p><a target="_blank" href="https://twitter.com/echoi333/status/1584556331352072193?s=20&amp;t=7iPIf11RVuzMDLqW49ODpA">The original link</a><br></p>
<p></p>
<p><br></p><i style="display:block;padding: 0.15rem 0.17rem;box-sizing: border-box;background: rgba(242, 245, 250, 0.5);color: #788CB1;font-size: 0.16rem;line-height: 0.24rem;word-break: break-all;border-left: 0.02rem solid #F2F5FA;">Rhythm BlockBeats reminds, according to the banking and Insurance Regulatory Commission and other five departments in August 2018 issued "on the prevention of the risk of illegal fundraising in the name of" virtual currency "" block chain" of the document, please the public to rationally view the block chain, do not blindly believe the hype promise, establish the correct currency concept and investment concept, Improve risk awareness; The clues of illegal crimes found can be actively reported to the relevant departments to reflect.</i>