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Reddit NFTs Surge in Popularity as Collections Reach More Than 3 Million Crypto Wallets

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Reddit NFTs Surge in Popularity as Collections Reach More Than 3 Million Crypto Wallets
  • Reddit NFTs have been all the rage, with the platform’s users reportedly creating over 3 million crypto wallets to scoop up these Polygon-based digital avatars.
  • Many believe that having a smooth onboarding process for non-crypto-native users and free airdrops are the main reasons behind the collectibles’ popularity.

In the middle of what many perceive to be a crypto bear market, Reddit NFTs or Reddit Collectible Avatars have surprisingly taken the NFT world by storm.

Impressively, one of the company’s collections – Spooky Season – by Reddit user poieeeyee has garnered so much attention that it is now sitting at the top of the 24h volume charts on OpenSea.

Also, Reddit’s chief product officer Pali Bhat recently shared that users have, in total, created more than 3 million Reddit Vault wallets to scoop up these adorable JPEGs. That figure alone has exceeded the total amount of crypto wallets interacting on OpenSea.

So what are Reddit NFTs, and why they’re all the rage right now? Read on to find out more.

Reddit NFTs trading volume growth.
Reddit NFTs’ trading volume growth. Credit: JackDaniel8008.

What are Reddit NFTs, and how did they come about

While it seems like NFT Twitter only managed to discover Reddit NFTs lately, the internet giant first issued its virtual collectibles called “CryptoSnoos” in June 2021.

Fast forward to July 2022, the company took a deeper foray into NFTs, announcing plans to release a series of NFTs called Reddit Collectible Avatars based on Polygon.

These NFTs were created by independent artists and were purchasable with listed prices initially ranging from $9.99 to $99.99. Reddit also provides users with a blockchain-powered wallet, Vault, to easily store and manage their Collectible Avatars.

Upon getting one of these customizable avatars, users can upload them as their unique profile pictures (PFPs) on Reddit, just like how NFT JPEGs work on Twitter.

The only difference is that these Collectibles Avatars are the only NFT PFPs that can be used on Reddit. Thus, adding another layer of legitimacy to these NFTs.

🚨Breaking News🚨

Reddit the social platform has quietly onboarded millions of users to web3 and NFTs

This is how crypto mass adaption feels like.

Lets make a quick deep dive 👇🧵

QUICK FACTS / INTRO / HISTORY / TAKEAWAYS / ACTION / ADDITIONAL RESSOURCES

1/20 pic.twitter.com/VsEsrymN9p

— Robin 🇨🇭 (OneTruth / Blokssom) 🦇🔊 (@robinkunz_) October 24, 2022

Why the sudden hype around Reddit NFTs?

On October 21st, the social media giant released the second generation of Reddit Avatars and sold 40,000 pieces in less than 24 hours. That was an incredible achievement, given that many Reddit users have been anti-NFTs since day one.

There are many reasons for the successful feat, but many attributed it to the platform’s smooth onboarding process for non-crypto-savvy users.

According to NFT influencer threadoor.eth, the entire NFT checkout process on Reddit was so Web2 that it feels just like “buying a video game avatar”. Not to mention that the company only accepts payment in fiat, taking out the hassles of having to pay in crypto.

On top of that, Reddit has been giving out free airdrops to active users of specific subreddits. For instance, the Drip Squad x Reddit Collectible Avatars were airdropped to top users in August, further propelling the popularity of Reddit NFTs.

And remember the anti-NFT Redditors? The company managed to avoid many unwanted pushbacks with a simple trick – by removing all crypto jargon.

Instead of calling the avatars “NFTs”, Reddit advertised them as “Collectible Avatars”. Instead of asking buyers to create an “NFT wallet”, Reddit provided users with a “Reddit Vault”.

As one of the biggest social media platforms out there, Reddit has onboarded millions into Web3 without them knowing about it.

I kid you not; most of the Reddit users don’t even know that they own an NFT or that they’re taking part in Web3. So it’s not surprising that some of them got pretty mad when they found out what Reddit Avatars really are.

Even so, the project is undoubtedly a brilliant success in the NFT space. Those who are interested can check out the full Reddit Avatar collections over here.

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FTX’s Sam Bankman-Fried Knew More About Alameda Research Finances Than Let On: Forbes Report

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FTX’s Sam Bankman-Fried Knew More About Alameda Research Finances Than Let On: Forbes Report
  • A report by Forbes reveals that Sam Bankman-Fried knew about Alameda Research’s financial dealings.
  • SBF previously denied being “deeply aware” of Alameda’s finances. 
  • The former FTX chief regularly shared documents related to Alameda with Forbes over the past 2 years. 
  • The report indicates that SBF was well aware of Alameda’s business activities. 

An exclusive report published by Forbes has shed light on information that is in contradiction with recent claims made by Sam Bankman-Fried, the man behind the bankrupt crypto exchange FTX. 

Sam Bankman-Fried was aware of Alameda’s finances

In an interview at the DealBook Summit, SBF claimed that he was surprised by how big Alameda’s position was, referring to the risky trades made by his quantitative trading firm. The disgraced CEO tried to avoid accountability for Alameda’s actions by claiming that he was not involved in its day-to-day operations. “Alameda’s finances I was not deeply aware of. I was only surface-level aware of Alameda’s finances” he claimed. 

However, the report by Forbes provides an insight into the discussions they had with SBF in order to calculate his net worth for their annual World’s Billionaires list. During these discussions, Bankman-Fried shared several details that indicated that he was in fact well aware of Alameda Research’s finances. 

In order to prove his net worth, SBF detailed some of Alameda’s major holdings and several transactions involving Solana and Serum tokens as well as the notorious FTT. Some of these details were shared as recently as August 2022. The level of information found in the documents shared by Sam Bankman-Fried suggested that he knew more about Alameda than he revealed during his controversial interview. The former FTX CEO included details about his quant trading firm’s funds along with its token holdings, which at the time included 53 million SOL, 176 million FTT, and more than 3 billion SRM. According to this, the value of his share of Alameda’s funds under management was $8.6 billion. 

FTX's Sam Bankman-Fried Knew More About Alameda Research Finances Than Let On: Forbes Report 11

While it is still unclear as to how involved Sam Bankman-Fried was in the day-to-day operations at Alameda Research, the detailed description of the trading firm’s finances shared by him suggests that he knew more than he let on. 

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Mike Novogratz’s Galaxy Digital might buy crypto custodian GK8 from Celsius

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Mike Novogratz’s Galaxy Digital might buy crypto custodian GK8 from Celsius

Summary:

  • Galaxy Digital won a bid to buy one of Celsius’s assets as part of bankruptcy proceedings for the crypto lender.
  • Mike Novogratz’s company will buy GK8, a custodial business that Celsius acquired over a year ago in November 2021.
  • The custodian plans to launch crypto trading and lending for institutional investors.

Galaxy Digital submitted a successful bid for GK8, a crypto custodial service listed as an asset by Celsius during the lender’s bankruptcy proceedings. Both entity did not disclose the acquisition sum at press time. 

GK8 was acquired by Celsius in November 2021 when the bull run was near its peak. Months after, the lender was crippled by slumped crypto prices and Terra exposure. Celsius paused withdrawals shortly after LUNA and UST imploded in May, before declaring bankruptcy in July,

CEO Mike Novogratz said in a statement that adding GK8 to Galaxy Digital’s businesses offers a key ingredient for growth. Novogratz also addressed concerns regarding possible conflict of interest from the deal, ensuring that “clients will have the option to store their digital assets at or separate from Galaxy”.

Adding GK8 to our prime offering at this pivotal moment for our industry also highlights our continued willingness to take advantage of strategic opportunities to grow Galaxy in a sustainable manner.

Galaxy will also expand its workforce by some 40 employees as part of the deal. The firm hopes to onboard blockchain developers and cryptographers to name a few.

Galaxy Digital scoops Celsius asset after $76.8 million FTX exposure 

The digital asset firm reported losses in Q3 earnings after weathering contagion from Terra’s $40 billion crash. Galaxy’s earning report also revealed exposure to the bankrupt crypto exchange FTX. 

EWN reported that Novogratz’s firm tried to withdraw $47.5 million of the total sum from FTX before Sam Bankman-Fried’s exchange froze withdrawals.  The company

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Coinbase Calls Out Apple For Blocking NFT Transactions On iOS

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Coinbase Calls Out Apple For Blocking NFT Transactions On iOS
  • Coinbase has revealed that its latest app update was blocked by Apple.
  • Users of Coinbase Wallet iOS can no longer send NFTs.
  • Apple reportedly wants 30% of the gas fees levied on NFT transactions.
  • The exchange has warned that this will have a major impact on iPhone users that interact with NFTs.

Coinbase, the largest crypto exchange in the United States, has called out tech giant Apple Inc. for its monopolistic policies on commissions on NFT transactions. In a lengthy Twitter thread earlier today, Coinbase Wallet revealed that Apple had blocked its latest app release. The reason for this restriction is the gas fees associated with NFTs. Apple has reportedly claimed that the gas fees required to send NFTs need to be paid through their In-App Purchase system so that they can collect 30% on the fees. 

Coinbase: 30% commission not possible

The crypto wallet provider has clarified that the demands made by Apple are not possible to meet. The company has further alleged that Apple’s new policies are aimed at protecting their profits at the expense of consumer investment in NFTs. Additionally, this move also creates a hindrance in developer innovation across the crypto ecosystem. 

For anyone who understands how NFTs and blockchains work, this is clearly not possible. Apple’s proprietary In-App Purchase system does not support crypto so we couldn’t comply even if we tried.”

According to Coinbase, iPhone users that own NFTs stand to lose the most from Apple’s policy change. The policy will make it difficult for users to transfer NFTs. Coinbase has indicated that it is willing to work with the tech giant to find a solution. 

We hope this is an oversight on Apple’s behalf and an inflection point for further conversations with the ecosystem. @apple – we’re here and want to help

— Coinbase Wallet (@CoinbaseWallet) December 1, 2022

Apple’s de-facto ban on NFT trading

Apple has ignored repeated calls to exempt NFTs from its notorious 30% cut, which has been dubbed the “Apple Tax”. On 24 October 2022, the firm updated its App Store policy, which included guidelines for NFTs as well. This was the official nod from Apple for iOS apps offering in-app NFT buying and selling as well as minting, as long as the “Apple Tax” is paid.  

Per a report by The Information, Apple’s app store policies have had a direct impact on NFT startups. Due to these policies, NFT marketplaces don’t even consider selling through mobile apps, leaving a large portion of potential buyers untapped. According to Magic Eden’s co-founder and Chief Technology Officer Sidney Zhang, Apple’s commissions are the reason why her NFT startup has never offered buy and sell functions on its app. 

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