Reddit collaborates with NFL to release Super Bowl LVII collectible avatars
Reddit collaborates with the National Football League (NFL) and announces its SBLVII Super Bowl-themed NFT collection for the two cup finalists.
Reddit mints NFL NFTs
Reddit, the social news aggregator platform, has minted 500 thousand limited-edition Super Bowl LVII Collectible Avatars for the two finalists competing for the trophy, which went live on February 6. The NFTs are tailor-made avatars dressed in the colors of Philadelphia Eagles and Kansas City Captains, allowing NFL Redditors to be more engaged in the event and show their league support within the app. Each fan can select an NFT before the Super Bowl event on February 13 for free.
The Super Bowl-run Mint is the second-highest number of minted NFTs in one day on Reddit with 312,513 NFTs minted on February 7, following the December 16, 2022 mint, where Reddit registered 479,878 NFTs .
Reddit’s success story
Reddit owns one of the biggest success stories among mainstream brands that have dipped their feet in the NFT industry. Their journey in the world of non-fungible tokens started in October 2022 when its NFT avatars raised more than $10 million in sales.
Barely three months after their launch. Four different Reddit Collectible Avatar collections made it to OpenSea’s Top 10 list for 24-hour trading volume, with one group overpowering CryptoPunks out of the first position. Over 2.5 million users created wallets on OpenSea for Reddit NFT avatars.
Reddit offered its first NFT avatars to members of the invite-only subreddit, r/CollectibleAvatars. Reddit sold 86,000 NFTs priced between $10 and $100 in the first phase allowing the traders to buy using fiat or cryptocurrency.
The social news aggregator platform boasts over 9 million NFT avatars, with avatar holders growing from 306k to 1,789 million in less than 60 days. Single NFT holders grew from 563 thousand to about 4.5 million, with the total number of NFT holders increasing from 4.2 million to 6.3 million.
By December 12, 2022, Reddit had over 5 million collectible avatars. The social news aggregator platform minted four new million avatars on December 12. 2022 and February 7, 2023.
Reddit Is living up to its reputation
This massive minting comes barely two months ahead of the Reddit-NFL partnership. Reddit announced that r/NFL, a community-driven news aggregator platform attracts an average of 195 million monthly views. The company also announced that Super Bowl mentions in conversations on the app have increased by 32% in 2022 compared to 2021.
Reddit also said that the platform facilitates more than 411 million views monthly in football-related communities.
Data from Dune Analytics shows that Reddit had more than 9 million NFTs avatars as of February 7, minted through the Layer 2 Ethereum scaling blockchain Polygon and vault wallet. The Polygon-based NFT marketplace and wallet allowed users to trade and store NFTs avatars, digital avatars created by independent artists about Reddit’s mascot, Snoo.
With the recent launch of collectible NFT avatars, Reddit is monetizing some features that have gained popularity among its users. The NFT launch comes two years after the launching of the Reddit Avatar Builder. Users can now upgrade unique features on their avatars through on-site purchases.
