Reddit NFTs/Collectible Avatars have gained massive attention for their quick growth. But how many of these users actually leave the confines of Reddit and use their wallets in the broader web3 ecosystem? Let’s dive in!

When I first started looking into Collectible Avatars, the numbers were very clear that a large number of wallets were acquiring them, which you can see in the Polygon graph below. dune.com/queries/1428636/2423539

But very few wallets are engaged in sending or trading the avatars. dune.com/queries/1650117

This led to my original hypothesis that Reddit was successfully onboarding users to their Collectible Avatars, but very few of these users were translating to the broader web3 ecosystem.

But with the introduction of their new World Cup collection, I had to take another look.
Along with driving up the # of holders, we are also starting to see some additional behaviors.

For background, the World Cup collection contains avatars for each of the teams participating, 32, and 1 for Team Earth, which are free to mint. But each wallet can only mint a single avatar from the collection.

That last limitation has driven users to accumulate multiple avatars by either creating multiple wallets and transferring them or by trading on an NFT marketplace. We see that the percentage of minting wallets with an outgoing transaction has spiked from < 1% to over 11%!

Looking at Seaport trades, we see a large spike in the # of daily transactions on the first day of the collection launch. But these trades alone account for a minority of the outgoing TXs that are seen, about 315k wallets have an outgoing TX so far. dune.com/queries/1650134

What this means: Many new wallets are being created to mint/transfer World Cup NFTs while a minority are trading for them on NFT Marketplaces. While this is new behavior compared to previous collections, it is still not showing a large amount of onboarding to other areas of Web3.

@ttunguz Had a great newsletter recently and called Reddit Collectibles the most successful Web3 launch of 2022. I’m on the path to believing this but would love to see these wallets engage more in the broader Web3 ecosystem to truly realize the potential that Reddit has created!