NFTs work better when you don’t call them that

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Nobody wants to hear about NFTs anymore. The fever was short-lived and today they are little more than an extravagance. They know it well from Reddit, but that has not stopped them from wanting to take advantage of them. This is what we can learn from this initiative. Some collectible avatars based on blockchain technology that are used by millions of users. A resounding success of the NFTs, without the need for financial speculation and not even having to name them as such.

Reddit shows the way. In just three months, Reddit has gotten more than 2.5 million accounts using crypto digital wallets to manage their avatars. Reddit explains that they are based on the Polygon blockchain and that these are collectible tokens that can be linked to the profile, collected or traded. They are full-fledged NFTs, but at no time is the focus on marketing or its price, but simply being able to have “a cooler avatar” to participate in the community. As well as to use these avatars on other platforms.

According to data from Polygon Daily, Reddit has surpassed OpenSea as the platform with the largest collection of NFTs. Nearly three million collectible avatars have been generated and distributed since mid-October and more than 40,000 different avatars they have run out. In just a few months, Reddit has positioned itself as one of the largest Web3 communities in the world.

Collecting, not speculation. It may change in the future, but to date Reddit avatars have remained in an area where collecting is what has set the trend for changes. A very representative fact is that 98% of participants only have a single NFTthat of his favorite avatar.

We are not dealing with users who have multiple avatars and change them to see which one increases in price. We are simply facing avatars that have their own NFT, but in many cases the personal value for the user is considerably more important than its potential economic value.

The trick: a simple interface. Many Reddit users are inexperienced in blockchain and nothing happens. Fortunately we are seeing that it is possible for a company to take advantage of the capabilities of Web3, without forcing users to have to learn about wallets, private keys or MetaMask.

Reddit has created the ‘Vault’, from where it is possible to manage these avatars. It is a digital wallet, but when it comes to using it, it does not differ excessively from the Reddit profile itself. The Reddit app itself for iOS or Android is what is needed to access the avatars.

Forget the word NFT to succeed. “We made the decision to make the experience as accessible as possible,” explains Neal Hubman, Reddit’s global director of client solutions. to Adage. “It’s really about seeing what the technology can offer, beyond all the jargon that’s always around.”

I have bought art, trading cards or a Batman in NFT: these are my reasons and what I hope will happen

Once the hype for this new technology has died down, it’s time to see which projects make sense. The infrastructure based on blockchain can become complex, but there is the good work of each company to be able to offer it in a simple way to the users. In the same way that Reddit has opted for avatars, companies like Starbucks have launched similar projects, this time with “labels”.

The underlying idea is the same: NFTs can be a useful tool for many collections. We’ll see if they manage to make the collector side have more pull than the speculator.

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Nobody wants to hear about NFTs anymore. The fever was short-lived and today they are little more than an extravagance.…

Nobody wants to hear about NFTs anymore. The fever was short-lived and today they are little more than an extravagance.…

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