HomeNFTReddit's Super Bowl LVII NFT Avatars Reach One Million Mark, A Game-Changing...

Reddit’s Super Bowl LVII NFT Avatars Reach One Million Mark, A Game-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 efficient onboarding to the Web3 world. And now, with a new partnership with the NFL, Reddit is poised to reach another milestone by offering free Super Bowl NFTs.

Since its launch on Monday, the official Super Bowl LVII NFT avatars have seen an overwhelming response, with more than 1.3 million being minted, and an impressive 500,000 being 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 opportunity 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 more affordable transactions.

The Super Bowl NFTs from Reddit are not experiencing significant trading activity as users can obtain the avatars without cost. Since its launch, the NFL collection has only witnessed approximately 5 ETH ($7,600) in trades on the leading NFT marketplace, OpenSea. Prices on the secondary market for these NFTs are quite low, starting at just 0.18 MATIC ($0.23).

Reddit’s NFT initiative has caught the attention of many Web3 supporters due to its user-friendly approach to onboarding newcomers. Acquiring an avatar is as simple as clicking a button, selecting an image 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 trading options if desired.

For many in the Web3 community, the primary attraction of Reddit’s NFT program is its approachable method for introducing people to this new space. Reddit users can effortlessly participate by simply clicking a button, selecting an avatar from the available collection, setting a password for a new wallet, and they’re ready to go. These avatars can also be transferred to an external wallet for further trading or selling opportunities if desired.

Data from Dune reveals that over 6.6 million individual wallets now hold Reddit’s Polygon avatars, with a surge of approximately 500,000 new wallets being created this week due to the Super Bowl promotion.

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Super Bowl LVII’s Crypto Presence: Tracking the Cryptocurrency Advertisements Airing

The year 2022 was dubbed the “Crypto Bowl” – a playful moniker given to Super Bowl LVI due to the numerous cryptocurrency exchanges that ran costly advertisements during the event. So, how many advertisements for cryptocurrency exchanges will be broadcast during Super Bowl LVII this year? 

None. In 2023, there won’t be any cryptocurrency company advertising during the Super Bowl in the U.S. 

As per Mark Evans, the executive vice president of ad sales at Fox Sports, the scenario was not always going to be this way. According to The Associate Press, as per Evans’ statement, two cryptocurrency advertisers had reserved spots for the Super Bowl and two others were almost finalizing the deal. However, after a tumultuous summer for the industry, FTX, which was once one of the leading crypto exchanges, failed. This event led to the collapse of the planned cryptocurrency Super Bowl advertisements.

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, being the most-watched annual sporting event globally, appeared 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 purchasing ad slots during the 2022 Super Bowl.

A few months after the advertisements were broadcast, the entire cryptocurrency market faced a downturn after the failure of the stablecoin Terra, leading to a domino effect that resulted in the collapse of several other crypto firms. In November, only 9 months after its advertisement featuring Larry David aired during the Super Bowl, FTX declared bankruptcy.

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