🎮 Reddit Has Onboarded More People Into NFTs Than OpenSea

GM. This is Crypto Player One, the daily newsletter on crypto gaming, NFTs, and the metaverse that gives you all the juice while getting loose.

Happy Monday!

We are starting the week with:

• Daily Trivia.
• How Reddit onboarded 3 million people into NFTs.
• In Other News.
• Meme of the Day.

Daily Trivia

Which world-renowned artist created music for "Sonic 3"?

Scroll down to find out the answer.

Redditors Have Created 3 Million Crypto Wallets

Since Reddit's Collectible Avatars NFT launch, Reddit has more active wallets than the biggest NFT marketplace, OpenSea (3 million vs. 2.3 million.)

The social media company launched Collectible Avatars, limited-edition digital collectibles, back in July 2022.

The holders of these digital collectibles can use them as their Reddit avatars.

Reddit made the onboarding process damn easy.

Users bought the NFTs in dollars using their credit cards, so they didn't need any complicated crypto setup.

The Collectible Avatars run on the Polygon blockchain.

Redditors can also transfer them from the Reddit Vault digital wallet to external wallets like MetaMask.

Reddit worked with around 30 artists, releasing around 40k NFT avatars that could be purchased in the Reddit mobile app for prices between $9.99 to $99.99.

And they instantly sold out.

So What Made Reddit's NFT Launch Such a Success?

Three things:

1. They Knew Their Audience

Crypto and NFTs remain unpopular on Reddit, and amongst gamers (who happen to be Reddit users), so Reddit never mentioned the words "crypto" and "NFTs."

They called the Collectible Avatars digital collectibles, so users couldn't get mad.

2. Easy Onboarding Process

Users didn't need to download MetaMask, write down their seed phrase on a piece of paper, and put it in the drawer to hide it from the Feds.

They could buy these digital collectibles with credit cards, making the buying experience as smooth as James Bond in Casino Royal.

3. Fair Pricing

We've seen it time and time again.

A big company or celebrity creates an NFT collection, sets an egregious mint price, sells out the collection, pockets the cash or, in our case, ETH, and leaves their audience holding the worthless bag.

Reddit did the exact opposite.

They created a collection that had a fair price (between $9.99 to $99.99) and gave real utility to their audience.

All Redditors want to rock cool avatar pics.

So, well done to the Reddit team.

They created the playbook on how to onboard millions of users into NFTs the right way.

We also can't forget our friends at Polygon.

While other projects are trying to get their NFT scene going, Polygon has onboarded millions into web3 by partnering with established companies like:

• Starbucks
• Reddit
• Meta

So crypto and NFT builders, Reddit and Polygon just showed you how it's done.

In Other News

The company behind the NFT project Azuki, Chiru Labs, sold NFT-backed skateboards for more than $2.5 million.

Decentraland's second Metaverse Music Festival will feature Ozzy Osbourne and Soulja Boy.

According to the Singapore High Court, NFTs can be considered property.

Meme of the Day

Answer

Michael Jackson created some music for "Sonic 3 & Knuckles" but didn't get credited because he abandoned the project.

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DISCLAIMER:

None of this is financial advice. The goal of this newsletter is to educate and make you laugh (sometimes.) We don't give investment advice nor make any inclinations to buy or sell any assets or to make any financial decisions. Always do your own research.

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