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1:01 Free Collectible Avatars
2:22 Paid Collectible Avatars
3:57 Strategy Recap
5:20 Reddit’s Cryptocurrency
8:41 Reddit is Officially Web3
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People are making hundreds of thousands Of dollars selling these secret nfts on Reddit and on top of this they actually Launched their very own cryptocurrency That is being used right now guys this May be the biggest use case of web3 Technology ever and nobody is talking About it so we all know at the heart of Nfts is communities and decentralization Especially decentralized ownership and These are some core values of Reddit so It makes sense that they actually Started to introduce nfts and blockchain Tech into their company but the way they Did it is so so interesting and in Today’s video I’m gonna really break Down the decisions they made why they Did it and why I think they absolutely Nailed it Reddit is setting the new nft Standard and every company is about to Follow suit so guys listen up because if You listen to this whole video you’re Going to leave knowing exactly what the Future of our world looks like and that Means you’re going to be able to Capitalize on these opportunities as They arise it means you’ll probably make A lot of money if you understand this so Guys just give me five minutes of your Time I’ve promise it’s going to be worth It alright so first I want to start with Reddit’s nft so Reddit actually has an Avatar shop right now where anybody on The platform can go they can customize
Their own little Avatar and their Avatar Is just like this humanoid version of Their logo and with that they can put Hats clothes whatever they want to Customize the special little fella but Where they actually implemented Blockchain technology was with this Collectible Avatar drop so notice that I Called it a collectible Avatar because That’s what Reddit is calling them They’re not using the word nft anywhere On their website even though they are Nfts and so it’s really interesting the Only term they used was blockchain Backed they are calling these digital Collectible avatars blockchain backed Which is really interesting that they Made that choice so first and foremost They had those free avatars that are not On the blockchain whatsoever and then They actually have these collectible Avatars that they launched on their Platform natively and so they actually Made these four collections called Offerings drip Squad meme team and the Singularity so basically the people that Have contributed most to their specific Reddit communities were rewarded with These free digital Collectibles now Since they were free obviously they’re Not doing it that great on the secondary Right now on openc I think they’re at About a 0.02 floor price around 20 US Dollars but these are limited edition
Blockchain backed avatars so that was Just a cool thing they did for their Everyday users to reward them for Actually participating in these Communities but what they did next is What really really excites me so what They decided to do was actually partner With Reddit artists artists that were on The front page of subreddits like our Comics and many other communities these Artists were very well known and Consistently at the top of those Subreddits so they actually partnered up With them to launch individual Collections hand in hand with those Artists under the artist’s name so these Artists then created custom Unique Designs of these digital Collectibles of The Reddit logo Avatar and actually Launched these collections with Reddit And the artist actually got to keep most Of the money so these collections minted Anywhere from ten dollars to a hundred Dollars with some of these collections Actually trending top 10 on open C with A floor price at 0.65 East at the time Of writing this and over 250 each volume Traded another project called the census Has a floor price of over 1.2 each right Now with over 200 eth volume trade on Openc and if you’re a person in the nft Space wondering why you never heard of This it might be because they actually Put these nfts on polygon and they
Actually chose to go with polygon Because this was before the ethereum Merge and polygon was a much more Environmentally friendly choice at the Time and also they do have very low Transaction fees and having gas fees on Ethereum just wasn’t going to cut it for Them and they valued low-cost fast Transaction speeds as well as Environmental friendliness which makes Sense as a big Corporation considering a Lot of people hate nfts and they think The nfts and cryptocurrency are really Bad for the environment yes we’re moving In the right direction but that’s just The general sentiment of the public and As a company you need to be thinking About the Optics of these decisions and It’s what we’re going to see a lot of These big companies choose to do as well So just to recap what they’re doing with Their nfts is these nfts are paid for in Credit card they’re actually bought and Held in a vault native to Reddit so Reddit created this thing called The Vault and the vault is essentially just Your web3 wallet but it’s native inside Of Reddit so people will create a vault It’ll give them their private key they Store that they can actually buy and Sell these digital Collectibles directly On the platform now the cool part is These Collectibles are on chain they are On the polygon Network so you can send
Them from your in-app Vault to your Traditional metamask web3 polygon wallet Which is really cool basically everybody On Reddit gets all the benefits of Owning these nfts they get a stand out In the comments they get a special Little card and they actually own their Asset and if they care about Decentralization and self-custody they Have the option to send it to their own Wallet and this is the future of nfts Guys almost every company is going to do Things this way I’ve said it in videos Before they’re gonna have their own Marketplaces their own wallets but you Have the option to send it on chain if You value that and it’s so interesting Because the word nft was never used yet These projects are doing very very very Well simply because people are buying These because they want to stand out in Their communities which is very pure and So you may be thinking it’s just a Coincidence that they might not be using The term nft and just wanted to call Them digital Collectibles because it’s a Better name but after looking at their New cryptocurrency or their new point System you could tell it was no Coincidence that they decided not to Bring that term up so guys after looking Into their cryptocurrency which I Actually just found out about when Researching for this video I am actually
Super impressed with Reddit Self-awareness and their decision to put Users first over control of their Platform so let me break this down for You it might get a little confusing but I promise you guys this is something you Want to listen to so I’m going to read This word for word from Reddit they are Launching their Community points that Are the first step towards a better Future for online communities in order To be truly independent from platforms Like Reddit communities need to be owned By their members in ways that platforms Cannot take away with the Advent of Blockchain Technology we now have a way To establish this freedom in a Decentralized and secure way Reddit is Literally telling their users that they Want them them to own access to the Community and to the members outside of Reddit which is so cool that a company Is embracing this especially one the Size of Reddit with over 50 million Users but they go on to say as Blockchain tokens that are owned and Controlled by communities themselves not By any app or platform Community points Represent a way for redditors to own a Piece of their favorite communities they Are earned by making contributions to The community like creating content and Moderating they not only represent Ownership and reputation within the
Community but can also be used for Community governance moderation and Unlocking premium features they can even Be used in custom tools outside of Reddit and on platforms so guys do you See how big this is this is exactly What’s been happening in the nft space All these nft communities have their Initial launch then they create what we Call a utility token and then they Create marketplaces in different ways to Exchange that utility token between each Other yet nobody is talking about how a Platform with over 50 million users is Implementing this and has been doing it Right now guys this is live this is not Coming sometime in the future this is Happening live in real time right now This is single-handedly the biggest use Case of web3 Technology we have ever Seen and I really want to focus on that Last point they made they can even be Used in custom tools outside of Reddit And on other platforms they are allowing You to earn points so these points are On the arbitrim Nova layer 2 Chain and That is so exciting that you can Actually take these points that you earn From Reddit and use them on other Platforms and other tools like do you See how big and how many more Opportunities that arise from Community Engagement because of this this is the Coolest thing that I have ever read and
So very last point that they go on to Say is that most importantly Community Points are a flexible tool that each Community can shape to its needs each Community has its own points that I can Customize with its own name symbol Distribution rules and uses every Community has its own needs and we Expect each to use points differently in A novel ways to help take them to the Next level guys this is like every Single Discord community of every single Nft project all using the same point System which is massive but basically What they list out default for how the Points can be used whether it’s badges So you can personalize your presence on The subreddit maybe it’s a highlighted Color to your username just like Discord Roles animated emojis express yourself In a way that words can’t with Emojis Customized to that subreddit much like Discord channels for each Community Embedded gifs directly on Reddit inside Your comments that only you have if you Buy them with points now points cannot Be converted to US dollars that would Make them a security but they are on the Blockchain and that means since it’s on The blockchain they can be integrated Into any app or website this means People can use their points off of Reddit guys this is community building This is web 3. Reddit is officially
Fully web 3. a lot of people think we’re Gonna snap open up and we’re gonna be in Web 3. but it’s so subtle no one’s Talking about this this is not a Hot Topic in any Twitter space in the nft Space and their collections are getting Very little attention from us web 3 Natives but it’s so cool in this this is Where the world is subtly progressing All of the big companies are starting to Develop web 3 strategies and nfts and They’re implementing them into their Business and that’s what I like to do With my agency and so if anybody is Listening out there you work for a big Company or top brand I would love to Help you guys with your nft strategy Because I don’t want you guys to get Left behind I do have a form in the Description that you can fill out if you Do want to talk to me and I’d love to Hold your guys’s hand to make sure you Guys enter the space the right way but Guys understand this is the biggest Opportunity of Our Generation I say it All the time but this is making it Possible to own things on the internet And that is huge there is no bigger Scale of an opportunity than owning Things on the internet so guys I know I’m just a little nerd that loves web3 But it is so exciting for me to see a Big company like Reddit embrace it the Right way and actually care about their
Users and focus on how community Building and how communities can engage With each other more deeply alright guys So I know I’ve been dragging on a lot But you guys think about it they’re Selling nfts but the term nft is never Used they launched a cryptocurrency but They’re calling them points so why this Is important is because people are Buying these things or earning these Points just because they like Participating in the communities they Want to stand out they want their Avatar To be special and they like the status That they get from that within the Community that they care about at the End of the day we’re tribal creatures we Love being around people that are Like-minded make the same jokes as us And if we can stand out in that Community or be someone that people look Up to and think they’re cool like people Really value something like that and That’s what’s so pure about what Reddit’s doing typically in the nft Space most people are here for the money Very straight up they’re buying these Nfts as Investments and they’re flipping These animals of pictures because that’s Just what’s hot they don’t really care About the nft itself what they get from It they just want to make money and That’s why they buy it but guys if you Buy an nft just to flip it inherently
That means that the value of the nft is Zero and so we have a big problem in the Nft space if everyone’s just buying the Flip that means everybody’s looking at The floor price six to seven times a day And if it starts to see think people Start to undercut each other and start Listing their nfts because they might Lose money on their investment but when You’re actually buying one of these Collectibles one of these avatars to use As your digital identity in your Reddit Community the price is much more pure And it’s much more stable because people Aren’t constantly looking at the floor And being very sensitive to selling if It does dip 10 so right now in the nft Space we kind of just have the Self-fulfilling prophecy where Everybody’s buying to make money or 90 Of people are buying to make money and That’s what crashes the floor because Everybody is just looking to get out if The floor starts to dip where you’re Actually just buying these collectible Avatars so you can look cool in your sub Community you’re not even going to look At the floor price maybe once a month Because you want that to be your online Identity and this is a universal thought Process that I want all of you to Understand because most people have a Very narrow context on how they view Nfts they think nfts abide by these
Specific rules but nfts are so wide and If people are buying to get access to The utility access to a course access to A private Community or any perk that it May be prices will be way less volatile And they’ll be much more pure efficient Markets and this is a concept I need People to understand it is a subtle Difference but has night and day results On the actual price activity and is much Healthier to its core nfts solve the Problem of digital asset ownership AKA It lets you own things on the internet Like your in-game items your courses Access to tools or whatever it may be And that is why we like blockchain Technology and nfts specifically because You can now own digital items on the Internet and guys if you’re excited About that click the like button on this Video because that’s what we’re all About and if this is giving you guys A New Perspective click subscribe because I make videos like this every single Week and I want you guys to understand How big this is there are so many Opportunities there’s no Market that’s Going to scale further than web3 and if You’re watching videos like this and You’re learning you are in the right Position to capitalize on this Revolution in the next three years but Guys we don’t want to do it alone make Sure you share this video with a friend
Or a family member that you care about Because again this is a huge opportunity And we don’t want the people that we Love to get left behind so guys that’s Gonna do it for today’s video I hope you Have a wonderful day and I will see you In the next one [Music]
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