Despite the crypto winter, many people are still quite happy with the direction some companies are taking amidst the bearish market. While many big names like FIFA, Nike, Disney, Starbucks, and many others are making huge announcements about how they are planning or already implementing various NFT products, only Reddit makes big waves in the crypto community.
Reddit is spearheading the NFT trend
The craze for NFTs seemingly died down when crypto winter started gaining momentum. Opensea.io reported that its trading volume was reduced by 99% in just two months. It was a brutal beating for the community of NFT enjoyers. On the other hand, it opened up some new opportunities for companies that decided to jump on the bandwagon.
The FIFA+ Collect is a great example of a company that decided to tie its digital products to something tangible in real life by issuing its NFTs on Algorand’s platform. Nike also decided to foray into the world of NFTs by releasing new sneakers that can be sold with their respective NFTs to provide additional perks to token holders. These products are examples of how NFTs can be valuable when something tangible is attached to them.
However, the biggest newsmaker in this domain is Reddit. The largest internet forum has been the heart of the crypto community with massive subreddits dedicated to different crypto projects and the whole industry in general. When the company decided to issue its NFTs as part of its ongoing effort to bring a new monetization system to the platform, users were very excited. It turns out, not without a reason.
Prices of NFT avatars soar on Opensea
With the latest sale of an NFT avatar reaching a very respectful $5K, it is not only games now. Reddit is not some obscure collection of weird JPEGs that don’t have any value attached to them. It is the biggest aggregator of content with many passionate communities and millions of daily active users. It means that NFTs that are used as avatars on the platform will be very valuable to online collectors and active community members.