Redditt users were mocking anything and everything associated with NFTs. They made memes (jokes) about them and called the whole thing a scam. But now it seems like the tide has turned, and Redditt users that mocked NFTs now want in.

The CryptoSnooball

Reddit hyped its user with the announcement that they were joining the crypto world with CryptoSnoo NFTs. Built on ERC-721 Ethereum contracts and hosted on Polygon. The tokens are PFP NFTs depicting their Snoo mascot. The launching was a small number of 1-of-1 CryptoSnoo NFTs. Reddit touted them as pieces of Reddit’s history.

Once a user purchases the cryptoSnoo, they can attach it to their Reddit account using MetaMask. The cryptoSnoo becomes their platform avatar and a “glow effect” tells other users you own the non-fungible token.

Redditt Shows the NFT World How It’s Done

While selling NFTs is not new, the way Reddit sells its tokens is new. Listing prices were moderately priced, between $9.99 and $99.99. Users were able to purchase the tokens with debit and credit cards. The elimination of a crypto wallet let over 3 million Reddit platform users purchase the non-fungible tokens to date. Reddit users don’t use the word NFT. They refer to their tokens as “Collectible Avatars.”

Reddit also airdropped free NFTs to users with significant amounts of Karma points. Reddit also included members of their subreddits (100,000 active communities on Reddit). Before the Cryptosnoo launch, most of these users had no idea what NFTs were. Many posts were disparaging, calling crypto and NFTs jokes and nothing short of Ponzi schemes. Yet Redditt users that mocked NFTs now want in, which makes you wonder if some of them genuinely understand NFTs or the crypto space.

Prior to the initial launch, Reddit explained to its users what could and couldn’t be done with the tokens. They also explained blockchain and how CryptoSnoo was built on the blockchain. Their launch of four Non-fungible tokens in June 2021 led to one NFT selling for over $398,000 (175 ETH.)

Original CryptoSnoo NFTS

Collectible Avatars Launch

On July 7 this year, Reddit launched its limited-edition Collectible Avatars. It features tokens from the Creators Collection. These tokens are the creations of Reddit individuals using Adobe Illustrator. It encourages artists to create custom pieces for Snoo to wear, allowing them to create unique tokens. The program lets them sell Snoo creations and custom pieces in the Collectible Avatar Shop.

The shop is where users can purchase primary-sale NFTs and transfer them to their Reddit Vault to use on the site. Any secondary sale of the CryptoSnoo is made on OpenSea. Owning a Collectible Avatar offers the right to display your avatar off and on the Reddit site, along with any avatar special effects Reddit offers. Once you sell your avatar, the rights are sold with it.

You must have a vault to transfer an avatar to another account on Reddit or using the mobile app. Reddit offered a limited time to transfer avatars after the launch. Once transferred, the transferee loses all rights to the avatar and any accessories that the avatar possesses. There are also network fees involved in the transfer that Reddit waived early in the launch but will bring back later.

Token owners and Reddit share ownership. Reddit maintains the IP and Snoo’s likeness, which includes his antenna. You own anything you create. All artwork is on display in Reddit’s avatar builder found in the Collectible Avatar Shop, where NFTs are on sale. The special-edition series (31in all) sold out quickly. The Foustlings Series has a total volume of 271 ETH, and its current floor price is 0.34 ETH.

poieeeyee NFTs

Spooky Season Collectible Avatars

Spooky Season Avatars dropped on October 20 with a two-day sellout. The Halloween-themed avatars have had a 121% increase on Open Sea in the last 48 hours. The poieeeyee creation collectibles have a trading volume close to $760,000 (538 ETH), leaving them behind Bored Ape Yacht Club at $906,000. The Spooky Season poieeeyee sold for $24,150 (18 ETH.)  According to Reddit Floor, they have a total market cap near $100 million from the sale of 86,000 avatars.

The Future of CryptoSnoo

The simple purchase of CryptoSnoo through the Collectible Avatar Shop using debit and credit cards has pushed Redditt’s CryptoSnoo into the top ten on Open Sea.

The lower-than-normal prices and easy purchase have allowed user’s who wouldn’t otherwise buy NFTs the ability to purchase the CryptoSnoo. But will their future fire-sale method of purchase sustain the Avatars, or is this just a token fluke? Reddit is playing it close to the vest on the future of its avatars.

Redditt users that made memes of NFTs and they’re holders, now want to ape in themselves. Will they be the last to buy the non-fungible tokens, or is a CryptoSnoo avalanche coming?