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How Reddit became the largest NFT creator in the world... by not talking about NFTs - Crypto in Plain English - Episode 280 - by cryptohunt.it
How Reddit became the largest NFT creator in the world... by not talking about NFTs
Today we look at the incredible story of how Reddit become the largest NFT creator in the world - and why you've probably never heard about that before.
If you don't know Reddit, it is a network of message forums, also called Subreddits, where people can discuss practically anything they are interested in. Through a clever system of moderation and user voting, Reddit is known for its high quality content of anything you could think of. No surprise then that there are almost half a billion active users on the platform.
Now Reddit has entered the NFT space, by - listen to this! - never actually talking about NFTs. That's the secret: They call it a collectible avatar and it's usable on the platform without you knowing even a thing about crypto. Clever, right?
Very clever actually, and it exploded in use: Once you realize that NFTs are just digital goods that can be transferred or sold, you'll discover that there is a mind-blowing amount of activity going on. There are almost 3 million collectible Reddit avatars, out of which over 20,000 have already changed hands. On good days, $2.5 million dollars worth of avatars get traded. Fun fact? Reddit just completely destroyed former NFT king OpenSea, the marketplace which now has less NFT holders than Reddit.
And heavy users are benefiting too. Reddit has long had a system of so-called "Karma Points" that users get for posting content that gets upvoted by the community. People with a lot of Karma got those collectible avatars for free.
So: Becoming the #1 player in the NFT market by not saying "NFT"? We applaud you, Reddit! Right up our alley - and if you think crypto and co should become easier to understand, you've come to the right place - subscribe to the podcast and check us out at www.cryptohunt.it!
We also produce this podcast and try to create the easiest place to learn crypto. Copywriting is done by Arndt Voges, Social Media is done by Brett Holleman, Design is done by Carmen Rincon and my name is Christian Byza, Co-Founder of Cryptohunt and I am your host of this daily show.
Disclaimer: This podcast references our opinion and is for information purposes only. It is not intended to be investment advice. Do your own research and seek a duly licensed professional for investment advice.
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By cryptohunt
5
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How Reddit became the largest NFT creator in the world... by not talking about NFTs
Today we look at the incredible story of how Reddit become the largest NFT creator in the world - and why you've probably never heard about that before.
If you don't know Reddit, it is a network of message forums, also called Subreddits, where people can discuss practically anything they are interested in. Through a clever system of moderation and user voting, Reddit is known for its high quality content of anything you could think of. No surprise then that there are almost half a billion active users on the platform.
Now Reddit has entered the NFT space, by - listen to this! - never actually talking about NFTs. That's the secret: They call it a collectible avatar and it's usable on the platform without you knowing even a thing about crypto. Clever, right?
Very clever actually, and it exploded in use: Once you realize that NFTs are just digital goods that can be transferred or sold, you'll discover that there is a mind-blowing amount of activity going on. There are almost 3 million collectible Reddit avatars, out of which over 20,000 have already changed hands. On good days, $2.5 million dollars worth of avatars get traded. Fun fact? Reddit just completely destroyed former NFT king OpenSea, the marketplace which now has less NFT holders than Reddit.
And heavy users are benefiting too. Reddit has long had a system of so-called "Karma Points" that users get for posting content that gets upvoted by the community. People with a lot of Karma got those collectible avatars for free.
So: Becoming the #1 player in the NFT market by not saying "NFT"? We applaud you, Reddit! Right up our alley - and if you think crypto and co should become easier to understand, you've come to the right place - subscribe to the podcast and check us out at www.cryptohunt.it!
We also produce this podcast and try to create the easiest place to learn crypto. Copywriting is done by Arndt Voges, Social Media is done by Brett Holleman, Design is done by Carmen Rincon and my name is Christian Byza, Co-Founder of Cryptohunt and I am your host of this daily show.
Disclaimer: This podcast references our opinion and is for information purposes only. It is not intended to be investment advice. Do your own research and seek a duly licensed professional for investment advice.