Reddit’s Super Bowl LVII NFT Avatars Hit the One Million Mark, a Changing Moment in the NFT World!
Recently, Reddit’s Collectible Avatars program has given millions of users access to free NFTs, making it an example of effective onboarding to the Web3 world. And now, with a new partnership with the NFL, Reddit is poised to reach another milestone by offering freebies Super Bowl NFTs.
Since launching on Monday, the official Super Bowl LVII NFT avatars have seen an overwhelming response, with more than 1.3 million minted and an impressive 500,000 created in just one day on Tuesday. The popularity of Reddit’s Collectible Avatar NFTs is further reflected in publicly available blockchain statistics on Dune, which show that users have already created over 9.7 million of these NFTs.
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Super Bowl NFTs easing the way for newcomers: an accessible onboarding experience
Reddit platform users have the option to receive one of four different Super Bowl avatar designs, featuring either the Kansas City Chiefs or the Philadelphia Eagles, for free. These collectible avatars are minted on Polygon, a network built on top of Ethereum that offers faster and cheaper transactions.
The Super Bowl NFTs from Reddit do not experience significant trading activity as users can obtain the avatars at no cost. Since its launch, the NFL Collection has only witnessed about 5 ETH ($7,600) in trades on the leading NFT marketplace, OpenSea. The secondary market prices for these NFTs are quite low, starting at just 0.18 MATIC ($0.23).
Ready to score? We team up with @NFL to bring you #SBLVII Collectable avatars. And they are free. Get yours today: pic.twitter.com/8IwYNBmyci
— Reddit (@Reddit) 6 February 2023
Reddit’s NFT initiative has caught the attention of many Web3 supporters because of its user-friendly approach to onboarding newcomers. Getting an avatar is as easy as clicking a button, choosing a photo from the gallery and setting up a wallet with a password. These avatars can also be transferred to a third party wallet for further buying, selling or if desired.
For many in the Web3 community, the main attraction of Reddit’s NFT program is its accessible method of introducing people to this new space. Reddit users can easily participate by clicking a button, choosing an avatar from the available collection, entering a password for a new wallet, and they’re good to go. These avatars can also be transferred to an external wallet for further trading or sales opportunities if desired.
Data from Dune reveals that over 6.6 million individual wallets now have Reddit’s Polygon avatars, with an increase of approximately 500,000 new wallets created this week due to the Super Bowl promotion.
Super Bowl LVII’s Crypto Presence: Tracking Cryptocurrency Ads Aired
The year 2022 was dubbed the “Crypto Bowl” – a playful moniker given to Super Bowl LVI due to the many cryptocurrency exchanges that ran expensive ads during the event. So, how many ads for cryptocurrency exchanges will air during Super Bowl LVII this year?
No. In 2023, there will be no advertising for cryptocurrency companies during the Super Bowl in the United States
According to Mark Evans, executive vice president of ad sales at Fox Sports, the scenario was not always like this. According to The Associate Press, according to Evans’ statement, two cryptocurrency advertisers had reserved spots for the Super Bowl and two others were close to finalizing the deal. However, after a tumultuous summer for the industry, FTX, once one of the leading crypto exchanges, failed. This incident led to the collapse of the planned cryptocurrency Super Bowl commercials.
In 2021, as cryptocurrency saw a massive surge in popularity, many crypto companies aimed to reach a wider audience and attract more everyday investors. The Super Bowl, which is the most watched annual sporting event globally, emerged as the ideal platform to achieve this goal. As a result, cryptocurrency firms such as Coinbase, Crypto.com, eToro and FTX invested millions of dollars in buying advertising spots during the 2022 Super Bowl.
A few months after the ads were aired, the entire cryptocurrency market faced a downturn following the failure of the stablecoin Terra, which led to a domino effect that resulted in the collapse of several other crypto firms. In November, just 9 months after the commercial with Larry David aired during the Super Bowl, FTX declared bankruptcy.
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