Why it matters
The CryptoSnoos NFT from Reddit is a limited edition collectible item based on the mascot of the social platform Snoo. Avatars, designed by individual Reddit artists and creators, provide users with the benefits of the platform (such as a unique profile animation) and allow Reddit users to use their avatars outside of the platform as they see fit.
Like it or not, with these collectible avatars, Reddit has hosted the largest Web3 mass adoption event for the NFT ecosystem to date. We also did this by avoiding using the term "NFT" when promoting "digital collectibles". This feat is hard to overestimate. In particular, it originated with the social platform Web2, where it was well known that NFTs were not liked by the community of that platform itself.
One of the best-selling NFTs in OpenSea's most popular collectible avatar collection is on sale for 18 ETH (or just over $28,000). His digital collection comes from Spooky Season: poieeeeyee magazine, which remains in OpenSea's top 10 list based on 7-day trading volume. This collection also ousted CryptoPunks from the top spot on the 24-hour version of this list, and is the only collectible avatar collection still on the top 10 iterations of the OpenSea page.
What’s next
Some argue that this is unlikely to be Reddit's last attack on the Web3 world, and that the company is fully committed to creating a metaverse. The company has previously partnered with Riot Games and is rumored to be in talks with The Sandbox, but this claim is unsubstantiated.
Either way, Reddit is now firmly established in the Web3 space, doing wonders in turning the NFT-hating community into an avid collector's base. If the platform can maintain its strategy at an expert level and make its work on Metaverse easily accessible and scalable, I don't know what it can achieve - and I urge you to do the same.