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Blogs > Analysis > CryptoSnoos: Evaluating Reddit’s NFT Entrance >

CryptoSnoos: Evaluating Reddit’s NFT Entrance

Author: Jeffrey Craig Date: 2022-11-29 02:51:19

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Many companies are entering the NFT space: Marvel, Starbucks, Coca-Cola, and now Reddit. This is not surprising. Not only is the NFT space predicted to become a billion-dollar industry, but it’s also a safe and easy space for companies looking to further extend their crypto footprint. And Reddit, the focus of this article, has entered into the NFT space with its unique CryptoSnoos NFT avatars.

Reddit Collectible Avatars

What Is A Collectable Avatar Reddit NFT?

Reddit CryptoSnoos

Reddit’s collectible avatars are a collection of NFTs called CryptoSnoos that anyone can own that are directly built on the Ethereum blockchain (Polygon). What’s unique about these groups of avatars – that is, different from the Reddit avatars already available – is that they come with specific benefits. Some of the main benefits are: your comments stand out, a card is added to your profile picture, the avatar is owned by the individual, and the NFT can be transferred through the blockchain.

Reddit NFT Benefits

Moreover, when it comes to selecting one of the collectible avatars, customers will have a selection of avatars based on a scarcity scale: Legendary (unique, one of a kind), Epic (extremely limited edition), and Rare (limited edition).

CryptoSnoos Characteristics

Furthermore, the CryptoSnoos NFTs are designed by artists who have created a series of avatars that are themed-based. For instance, the creator called Artisma created a series of avatars based on the Earth (Earthling), Moon (Lunarian), and Mars (Mars).

CryptoSnoos Reddit NFT Example

How Do You Get The Reddit NFT?

Reddit explains the process in six simple steps:

  1. Find available CryptoSnoos in Reddit’s avatar builder
  2. Place a bid in the OpenSea auction and win
  3. Claim your CryptoSnoo and become a proud NFT owner
  4. Use your CryptoSnoo as your Avatar on Reddit
  5. You’ll have a glow about you on Reddit (meaning your comments will feature your CryptoSnoo avatar with a glow animation)
  6. CryptoSnoo stats live on the back of each card

However, by the time this article was written, all the NFTs were sold out. Of course, Reddit has plans to add more NFTs, but that has not occurred. Furthermore, CryptoSnoos NFTs are primarily designed for Reddit desktop, although the NFT avatars can be displayed on Reddit mobile, the best overall experience is found on the desktop.

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Where Are The NFTs Stored?

Reddit created an in-house digital wallet called the Reddit Vault where users can store their CryptoSnoos (and other blockchain assets). The wallet is connected to Ethereum-compatible blockchains, particularly Polygon. However, users can store their NFTs on other third-party platforms.

Fees For Selling Collectible Avatars On Reddit

Reddit explains that creators retain all the revenue from the collectible avatar program except for two sets of fees. The first fee is for payment processing, which can vary depending on what platform is used. For instance, that fee is 30% from Apple and Google, compared to about 3% for Stripe. The second fee is that Reddit charges a 5% fee on primary sales to cover minting and other blockchain-related costs.

Nevertheless, there is another fee in the form of a royalty fee, but this applies to everyone. Each of the collectible avatar NFTs has a 5% royalty applied to it when they are resold by owners. Reddit explains that creators (of the avatar) are entitled to 50% of that royalty, while Reddit is entitled to the remaining 50%.

Why Is Reddit Creating NFT Avatars?

To be blunt, avatars are a Reddit thing, so to speak. As Reddit is an anonymous website where people can freely discuss whatever topic they wish, it has developed a unique way for users to “display” themselves through the use of digital avatars. That is why Reddit created its avatar builder. Reddit’s avatar builder allows users to create custom avatars based on a basic foundational body called Snoo, which in its basic form is an alien with red eyes, a white body, and an antenna on top of its head:

Reddit NFT Avatar

Building off this foundational body, users can customize their avatars in unique ways. They can add clothing, make the avatar hold items (like a baseball bat) in its hands, wear sunglasses or hats, and much more. Therefore, the reason why Reddit is creating NFT avatars in the form of CryptoSnoos is simply that it is an extension of their avatar builder.

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Conclusion

Reddit has developed a unique set of NFTs specifically for its platform. These CryptoSnoos allow users to continue to express themselves in unique ways, allowing people to further express their personalities. Furthermore, by utilizing blockchain technology, Reddit allows users to actually own a piece of Reddit, in a sense. This will certainly encourage people to be more involved in the website.


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