Reddit NFTs have been on fire lately, but it’s actually just the beginning of the company’s ambitious crypto roadmap.
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reddit community points:
0:00 START HERE
1:01 Social Media Crypto Wars
2:22 Reddit’s grand vision
3:24 Free Avatars
4:41 What’s Next for Reddit NFTs
7:08 NFT Utility
8:49 Community Points are revolutionary
Hey guys so last week we were talking About how these Reddit nfts were Beginning to heat up despite the fact That originally the Reddit Community Wanted nothing to do with them and well The update is that over the last few Days volume has exploded seemingly Overnight everyone started to Pile in And the floor price of some rare Collections like these Midas Touch nfts Are now at around 9 eighth and at one Point hit a peak floor of around 15 East Now you could look at this and be like All right well great for them but it Does seem like the opportunity is over And so I guess that’s that and in the Short term who knows right I mean this Could be a mini bubble that pops a week From now or it could double or triple in Price I’m not gonna pretend like I know What happens in the next few weeks However in terms of what Reddit has Planned this is just the beginning and So in this video we’re going to talk About the next phase in reddit’s Metaverse roadmap which might blow your Mind and then we’ll talk about some new Opportunities that we might see in the Coming months and shout out to this big Brain Twitter thread for putting me in The right direction which I’m going to Link below now the first thing you have To understand is the motivation behind Why Reddit is going so hard into all
This crypto stuff in the first place all Right why are they pivoting and for that You have to look at reddit’s competitors You see over the last 12 months we’ve Seen social media platforms begin to Open up to crypto and nfts and despite These journalists saying that you know It’s all a scam and their clickbait Articles talking about how it’s all Going to zero there’s a growing Recognition across all these Tech Leaders that the metaverse and web3 are Very real trends that are slowly going To change the internet and so they see This as a new competitive Battleground That they need to get ahead of this is Why Mark Zuckerberg changed the actual Name of his company to meta it’s also Why Twitter Facebook and Instagram have All integrated nfts it’s why Twitter is Working on a crypto wallet and now with Elon Musk taking over you know you can Expect these features to accelerate and Even Discord was at one point jumping Into web 3. well until the CEO started To get hate tweets from the furry Community and then back down which it’s A whole different story but in general Most of these platforms seem to be on The same page and Reddit is in the same League as some of these big boys right They have around 400 million monthly Active users which is more or less in The same ballpark as Twitter they have
50 million daily active users so you Know they have a lot at stake here and They’re taking this issue very seriously And look this isn’t just a YouTuber Theory okay we can actually look at Reddit’s own words in the introduction To their Community points feature which We are going to talk about more in a Minute so quote step into the crypto Future I mean off to a bold start Communities are the lifeblood of the Internet but on today’s internet they Are not in charge of their own destiny Instead they are controlled by the large Platforms that hold all the power online It is time for a change so that Statement you know controlled by the Large platforms that hold all the power Online that hits different when it’s Coming from a large platform that Controls all the power online okay but Going on community points are the first Step towards a different future for Online communities these tokens live on The blockchain which means they are Truly owned by the community over time Your community will benefit from even Greater control and Independence on and Off of Reddit so it’s this big ambitious Vision and generally pretty based right I mean it’s the kind of thing that might Get people to call you a crypto bro if You were saying this on Twitter but of Course vision is one thing but then how
Do you get your users to come along for The ride okay how do you get them on Board especially on Reddit where terms Like crypto and nfts have become Radioactive over the years and well as We saw Reddit figured it out the answer Was free avatars now there’s a bunch of Reasons why these avatars were Successful uh one you know they were Free which always helps two they weren’t Called nfts they use terms like digital Collectible and collectible Avatar which Got rid of some of that stigma and then Three they already had a mascot called a New which is like the Mickey Mouse of Reddit okay it’s a very recognizable Character whatever the reasons the Result is that they now have over 3 Million users that did create a wallet Just to claim one of these nfts and it’s Actually more wallets than openc has had Since you know the beginning okay so if You think of all these famous profile Pic collections like board apes and Azuki and doodles they’ve interacted With fewer wallets then Reddit has been Able to create in just a few months and This was the hardest part right getting Your users to go from zero to creating a Wallet and all that friction involved And all those psychological barriers That’s actually immensely difficult and We shouldn’t brush off that Accomplishment and some people have been
Referring to this as almost a trojan Horse because it now enables them to do You know the more ambitious things that They had in mind but that does beg the Question of what is it that they have in Mind right what’s next and I’m gonna Talk about these as two verticals okay We’re gonna talk about nfts and what’s Next there and then we’re going to talk About Community point and at the end We’re going to tie these together to see What the full Reddit metaverse might Look like so first on the nfts now one Thing that people that are coming from Traditional nfts might not realize is That the difference with Reddit avatars Is that they’re using a custom avatar Builder and so really when you buy Avatars what you’re doing is buying a Collection of traits that you can then Mix and match with traits from other Nfts in your collection so what this Does is it encourages people to expand Their collection to find new traits okay Even if you’re just looking at free Avatars there is this layer of Gamification because you want to find New trades to mix and match and create Your own unique digital Avatar and this Is really important because it means That most of the people who are Collecting these nfts are just going to Be doing it out of Joy or fun or Whatever you want to call it instead of
Just speculation okay and yeah there are Like 2 000 or 3 000 people right now That are just buying these really Expensive nfts and and the prices going Up but that is just a minority and so This is like the the first nft Application that I can point to where I Think the average user is not going into It thinking about the resale value right They’re just doing it because it’s fun And I think that is going to help it Become a more sustainable project long Term now so far Reddit has partnered With some Independent Artists from the Community but the next step is going to Be collabing with Major Brands and Creators and the analogy here is Fortnite where you’re constantly seeing Collabs with Brands like Marvel and Dragon Ball Z and Star Wars and yeah This is a virtual world and it’s a video Game but you know I I think you should Start perceiving Reddit almost as a Video game right certainly in terms of Time spent but also in terms of digital Identity and social interaction so I Really do think the behaviors are going To be a lot more similar than you might Expect and we already saw Reddit partner With Riot games last year for an avatar Collection so it’s very obvious that This is the path they’re going to take So expect more official collabs soon and Eventually this should have a library
That does compare to something like Fortnite and this is how you get from The current wallet base which is three Million wallets less than one percent of The monthly active users to maybe 30 Million wallets or more okay now the Second phase for these avatars is going To be utility and perks okay because you Know it’s one thing to have an avatar That gives you a flex and that you can Use to stunt on plebes in your favorite Subreddit or whatever it is that you Plan to do with your Midas Touch but It’s another thing for that Avatar to Get you discounts for your favorite Purchases or access to events in the Real world or online communities and so On and this is the beauty of blockchain Collectibles that most people who Haven’t owned one don’t realize yet I’m Going to give you some examples so Imagine that Supreme launches some Reddit avatars and you buy them and they Look dope and all that but then also six Months later they open an online Marketplace except to access those drops You need to have one of these avatars in Your wallet so you arrive on the website It scans your wallet and then the Checkout page opens up or imagine Imagine that you know Reddit partners With epic games and they come out with These fortnite avatars on Reddit except If you own one of those you can also go
Into fortnite and it scans your wallet And then you get a Reddit avatar on Fortnite and seeing somebody with a red Avatar there will tell you that they Bought the fortnite avatar on Reddit Okay now all of this might sound Unrealistic but it’s actually pretty Close to something that Mark Zuckerberg Said recently okay quote it’s not that Far-fetched to imagine how being able to Display some digital collectibles in Your Instagram profile is a precursor to Being able to have a shirt from your Favorite brand that you can take from Horizon to them where in fortnite again If you’ve been involved with nfts and You already know that this is possible And that it already happens but consider That 99 of people on Reddit are buying An nft for the first time and so some of This is going to blow their minds okay So that’s what you can expect from nfts Now let’s talk about Community points Now Community points are Cryptocurrencies for different Subreddits where you can reward the People who contribute the most okay and They’re called points again because They’re using you know these new terms But it’s really just crypto now if You’ve been a Reddit user you know that They already have a system for rewarding Contributors and it’s called karma and You get karma for posting content you
Know things that get upvoted because They’re either entertaining or helpful But there are a few problems with Karma Okay the first problem is that it’s a Reddit-wide currency so you can’t really Reward people for the contributions that They do within a specific subreddit the Second problem is that it’s a point System that lives on a web 2 server Somewhere you know at reddit’s Headquarters okay so it’s a private Database and as a result the value is Limited to Reddit and there’s no value Outside of it at the same time over in Web 3 we’re seeing an explosion in what Are called tokenized communities okay And there’s a bunch of applications that Are being built to enhance the power of These communities and that can be ways For you to tokengate experiences online Or in the physical world it could be Ways to airdrop things to people in a Token Community it could be ways to send Messages across you know some of these Wallets and so all of this is happening And Reddit is trying to figure out a way To tap into that ecosystem okay because If they don’t they might start losing Market share to tokenized communities Which are effectively super powered Subreddits and so with all that in mind Community points was their response okay And this is basically taking Karma and Putting it on the blockchain but also
Letting subreddits create essentially Their own version of karma that they can Manipulate any way they want now the Best example of community points today Has been moons in the cryptocurrency Subreddit and I’m not going to get into All the details of how this works but It’s a token that is released on Arbitrum which is a layer two of Ethereum and essentially you get Distributions every so often where a Portion of moons goes to the mods and The bulk of it goes to people who have Earned Karma inside the subreddit right Now one moon is worth about 11 cents and It has been rising in the last few Months and there are some perks within Reddit for why you might want to hold Moons so things like being able to vote On subreddit changes or being able to Tip others but ultimately I think the Main power is in allowing communities to Expand Beyond Reddit so you could see Bounties for things that a community Might want to build and they use the Tokens to reward the people who build it And you can see some communities create Some really amazing value propositions Which then creates demand for their Token other people might want to come in And buy those tokens with real money Because they want to access some of These products that they create in a way It’s not really that different from
Other community tokens like apecoin Which is a token for the board app Ecosystem where they use this treasury To fund new initiatives that brings Value back to the community and so it’s Not completely far-fetched to say that At some point one of these subreddits Could have a billion dollar valuation For their tokens okay so let’s pull all This together here’s my prediction for What Reddit might look like over the Next 12 months somebody who has no Insider info whatsoever you know it’s Just one opinion okay number one high Profile collab jobs with Brands and Creators for nft avatars you know Fortnite style number two Reddit Building Marketplace and gallery for Their Collectibles maybe some extra Perks within Reddit you know just Generally building more features around This product number three as a result Reddit wallets go from 3 million today To around 10 million which is their Stated goal number four Community points Go live across more subreddits and Actually have traction now that you have This base with millions of wallets Number five some subreddits build Actually cool that exist outside of Reddit and people get paid and number Six the value of some of these avatars Go through the roof so circling back to The original avatars and whether or not
We’re in a bubble I mean look the short Term again is incredibly unpredictable But if you believe this story that over The next two to three years the number Of Wallets on Reddit could 10x from Where it is now then yeah those early Generation avatars could do pretty well On a long-term Horizon now obviously not Financial advice but that’s just usually How it goes and when we do see that roll Out of community points across more Subreddits I would be paying attention To those because it’s probable that most People won’t understand the potential There and so that does seem like an Opportunity as well all right guys That’s it for today thanks again for Watching and I’ll catch you in the next Video
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