Research Summary
The report discusses Reddit’s successful integration of blockchain technology into its collectible avatars program. The program has onboarded over 13 million new wallets, making it one of the most successful web2/web3 integrations. Reddit’s approach has been to seamlessly integrate blockchain into its existing system of decentralized communities, making the distribution of millions of ownable avatars a value-add for its community. The report includes an interview with the Reddit team responsible for the program, discussing the process of onboarding, the rationale behind adding the blockchain component, and the impact on the Reddit community.
Actionable Insights
- Reddit’s approach to blockchain integration: Reddit has successfully integrated blockchain into its existing system, making the distribution of millions of ownable avatars a value-add for its community. This approach has resulted in the onboarding of over 13 million new wallets.
- Onboarding process: Reddit has two main ways of onboarding users to its collectible avatars program: through purchasing a collectible avatar on the Reddit shop and through claiming a free avatar. Both processes require the user to create a wallet.
- Impact on the Reddit community: The integration of blockchain into the Reddit platform has been met with mixed reactions from the community. While some members have embraced the new technology, others have rejected the influx of crypto enthusiasts.
- Future plans: Reddit is open to partnerships that would allow its avatars to be used in other apps. The company is also considering the development of a secondary marketplace, although this is not yet confirmed.
