Reddit gave away NFTs to people that hated NFTs. They made money and now they like NFTs.
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0:00 START HERE
1:42 Reddit’s complicated relationship with NFTs
3:05 Reddit’s masterplan
4:45 making a profit with reddit NFTs
5:28 why do people spend so much money on these?
6:44 whats next?
tags: bayc, cryptopunks, ethereum, bitcoin, opensea
Ladies and gentlemen today we have yet Another one of those classic Shakespearean plays with all those ups And downs and Ebbs and flows that you Would expect from any great story today We’re going to talk about how in the Middle of this bear Market the Unlikeliest of Heroes are profiting from Nfts almost accidentally and why we Might start seeing more of this in the Near future and then at the end I’m Gonna give you some tips on how you can Be on the lookout for the next time that This happens now first I have to give You some background lore so you can Appreciate how weird and awesome this All is but it is going to be quick and I Promise it’ll be worth it now you may Have noticed that the internet has this Weird relationship with nfts right on One hand you have this small group of People that really love nfts most people Don’t care or even understand them and Then at the other stream you have Another small group that really really Hates nfts I mean these are people that Wake up in the morning pour themselves Some coffee and then go out to write College length essays called why nfts Suck and why you should never buy them And I’m not kidding that is a real Example and I’m gonna link it below for The memes but from what I’ve seen from My perspective this hatred isn’t evenly
Distributed right so like here on YouTube for example I’ve been making Videos on nfts for over a year now and Yeah I get my fair share of trolls and Right click Savers and people leaving Nasty comments but generally it isn’t as Bad as you might think now over on Twitter this is the main place where Everyone who is into nfts is just Hanging out and Yeah on Twitter you will Also see anti-nft rhetoric a lot of it Sometimes mostly from the furry Community for some reason but generally This is the main watering hole for all Crypto related things well then you have Reddit now I’m a big fan of Reddit I’ve Had an account there for over a decade I’ve spent countless hours on Reddit but At this point I’ve come to realize that Because of its upvote download system it Tends to devolve into an echo chamber Where the most popular opinions just Rise to the top over and over again Right and when it comes to nfts the most Popular opinion is that they suck and so Generally they’re just anti- everything That has to do with nfts and as a result It has become maybe the unfriendliest Territory on the entire world wide web For any nft Enthusiast it reminds me of This old action movie from the early 2000s called Behind Enemy Lines starring Owen Wilson it’s an old movie so I don’t Blame you if you don’t remember it but
Essentially you have this fighter pilot Who’s flying over Bosnia during the Bosnian war and he’s shot down by the Serbian Army then he has to escape while They’re trying to hunt him down I’m not Gonna spoil it but it’s a fun time if You are into that like early 2000s Action genre and at the risk of Comparing social media sites to the Bosnian War this movie always comes to Mind whenever I’m posting anything even Remotely positive about nfts on Reddit Because I just get downloaded to Oblivion every time and essentially I’m Just chased off the platform so with That context in mind if you told me that You could figure out a way to convince The average Editor to own an nft I mean at that point you can probably Accomplish anything and this is exactly What Reddit the corporation tried to do Specifically in July they announced that They were going to start selling nft Avatars directly on their site well Actually they were called blockchain Back Collectibles which has an Unfortunate acronym but everybody knew That they were nfts right and Immediately people in the comments Started to react in the way you would Expect so quote this feels like one of Those things where in a few months there Will be an update post where Reddit Admins are apologizing for missing the
Mark and telling us we hear you when They announce it’s going away nfts are Cancer even if you go out of your way to Not say the word nft and of course the Classic right click saver going what is Going to stop people from taking Pictures of other avatars and using it As a profile picture so it wasn’t off to The best start and from what I Understand sales started off pretty slow But then shortly after this announcement Read it through an absolute curveball And I think this is what makes this an Interesting case study that we’re going To see repeated over and over over again In the coming months and years you see What Reddit started to do was give away Some of these nfts for free specifically To their most Avid users which were Basically accounts that had a certain Amount of karma which is their internal Point system and this changed everything Because as soon as people started to Receive their first free nft they got a Taste for it and then they went back and Started to buy the premium nfts and Sales for those started to pick up as Well and if we look at volume on open c For some of these Collectibles you can Actually see that volume was pretty much Dead before the free nfts came out in Late August and then slowly but surely Started to pick up from there and about 10 days ago the premium nfts completely
Sold out and up until now we’ve had Somewhere around 3 million free nfts Claimed now what’s amazing is that even Though we’re in this like deep bear Market most if not all of these Reddit Avatars have turned a profit for example These foustling avatars were originally Sold for 11.99 and today they have a Floor of about 0.6 eth and I keep seeing Them sell for over one youth so Basically people bought them for twelve Dollars and in some cases have been able To sell them for twelve hundred dollars Which is a full 100x gain and in total As of nine days ago there had been over One million dollars in total openc Volume across all these Reddit Collections so in other words the people Who are most against nfts have now Started to make money and now they’re Starting to like it so all this time Really what they wanted was apparently Some free air drops now you might be Asking why are people even spending one Eth on these in the first place right Well some of it definitely is Speculation I mean Reddit has 400 Million monthly active users most of Them don’t even know that this exists Yet and so people are betting that Reddit will continue to promote these Types of avatars and that slowly more Users are going to find out about them And you know they already spent a ton of
Time on this site as it is so maybe They’ll just find it cool to own things And show them off on the site that they Already spent countless hours on and That might sound silly but consider that Since day one basically all of Reddit Engagement has been built around Karma Points which are completely meaningless But still have incentivized people to You know pump out content and post a ton Because they just want to raise the high Score and show that off and of course Most people don’t care about Karma but Some do and so maybe you should treat This almost like a video game where you Know most people don’t care about Digital assets but a small percentage do And are willing to spend a ton enough to Support essentially a 300 billion dollar Industry and of course since these are The Gen ones of Reddit avatars you would Expect them to gain a premium in the Future based on everything we know about Collectors and how much they value just You know the first of anything now Obviously these prices can come down at Any point right and in fact you know They seem to be slowing down at least in The short term so please don’t go out And just start buying Reddit avatars Thinking that they’re just gonna keep Pumping you know I can tell you Firsthand that these things run on Attention cycles and Reddit is
Definitely getting adding its Fair bit Of attention right now but I think it’s Also true that this is just the Beginning and Reddit is gonna just Continue to build the infrastructure Around these Collectibles and just Yesterday they announced that you are Now able to transfer these nfts across Reddit accounts and there’s rumors that They’re going to have their own Reddit Marketplace so you don’t have to use a Third-party Marketplace like open C and Then you have Reddit admins even telling People that they should keep their eyes Out in the coming weeks which people are Interpreting as either more airdrops or A second premium drop and then beyond Reddit I think many Brands and platforms Have noticed what’s happening here and I Fully expect them to start giving out More nfts as a way to engage Their Audience because it clearly works Another recent example of this was Tim Ferriss who many of you might know as You know this very popular podcaster and Recently he revealed that he was also Launching his own nft but to get Information to that you would need to Subscribe to his newsletter that he had Been publishing for many years and here You see him saying that he’s basically Seen the craziest engagement he’s ever Had for the newsletter and I really Don’t think he’d be getting this much
Attention if he was just doing a typical Merch drop right so more brands are Going to realize that there’s something Pretty unique happening here so my tip Is keep an eye on more of these types of Drops coming from other platforms you Know maybe Instagram or Twitter two Platforms that have already integrated With crypto wallets and keep in mind That the Reddit drop sold out very Slowly nobody was really expecting the Kind of demand that they ended up Getting but I think people are starting To catch on that you know there’s a Portion of the population out there that Really loves collecting things and They’re willing to spend a lot of money On them and so there are opportunities To get ahead of that and then finally if You see reputable Brands giving out free Nfts just claim it even if you don’t Like nfts even if you think the art is Ugly because they have an incentive to Build up a reputation on delivering on These metaverse projects or whatever you Want to call them because this is Becoming a comp petition right and the Easiest way to build that reputation is To just make your earliest collectors Rich which is exactly what Reddit did Here so yeah that’s all I have to say in This topic I just found it really funny Given the 180 that we’re seeing from Some Reddit users and also this is the
Beginning of a trend that I think is Just not going to stop anytime soon and I’m excited to keep covering it so Thanks again for watching don’t forget To subscribe and I’ll capture the next Video
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