# The most successful entry into web3 in 2022 goes to…

**Published by:** [Durwin](https://paragraph.com/@durwin/)
**Published on:** 2023-02-13
**URL:** https://paragraph.com/@durwin/the-most-successful-entry-into-web3-in-2022-goes-to

## Content

More than 6M Reddit digital collectibles have been minted.What are these Reddit digital collectibles? “Reddit Collectible Avatars are limited-edition digital collectibles based on the social platform’s mascot, Snoo. Their main utility is a digital identity on Reddit’s social platform, with some added perks on profile treatment.” As of now, more than 6M millions users own the digital collectibles. “According to Dune Analytics, more than 6M unique user addresses hold Reddit collectibles, with over 8.4M avatars minted since the project’s launch and nearly every subsequent release achieving higher mint volumes than preceding drops, displaying clear user adoption.” That’s easily 20X of Axie Infinity users and 4X of OpenSea users! Users have spent nearly $11.4M on these collectibles. Sure, it is far from what Nike and other brands made, but I am certain that this is just the beginning, laying the foundation of a lot more exciting things to come. Here are some reasons why Reddit’s entry into web3 was so successful. They didn’t call it NFTs. They named them “Digital Collectibles”. They didn’t want it to be complicated.Nike bought RTFKT to enter the NFT world, and it was a genius move.Complicated like web3 wallets and navigating different blockchains. Reddit made it easy for web2 users to just create a Vault to store all the collectibles. They didn’t need to accept cryptocurrencies. Why? See, just to accept USDC or Matic or Eth, users would first need to familiarise with wallets, seed phrases, on-ramping, using an exchange to buy such cryptocurrencies. That alone is complex and tedious. How will you onboard the millions of Reddit users if such a barrier to entry exists? They just accepted good ol cash. For now. Maybe they will introduce their own coins in the future, but that’s another thing altogether. Just incredible. “Just three months after the initial release of Reddit Collectible Avatars, Reddit spawned the creation of more than 3M crypto wallets, 99% of which are unique users. This surpasses OpenSea’s 2.3 million active wallets.”Reddit launched its own NFT marketplace and everyone loves it.Now with these millions of users, that are semi-exposed to web3, they can continue drip-feeding them other interesting things and deepen the relationship. In case you didn’t notice, they are bringing new users into web3. Whether subliminally or consciously, onboarding new users into the web3 space is one of the toughest things to do. New blood and user growth is critical to any new industry and ecosystem. Without which, the ecosystem will organically fade and growth will stagnate. If anything, Reddit clearly showed us how you can strategically and carefully invite new users into web3 and still maintain their current branding and community. This is probably one of the best launch for a web2 company into web3 in 2022. Can you think of a better example? - Have you heard of Reddit’s Digital Collectibles? - #startups #business #startupx #growth #success #socialmedia #culture #entrepreneurship #strategy #eth #btc #crypto #digitalcollectible #reddit #redditnft #NFT #newusers #growth #launch #defi

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