New CryptoSnoos Are Here

Presenting the latest CryptoSnoo:

https://i.redd.it/f6xuf2lioci71.gif

(Click here to visit the auction.)

Back in June, we introduced CryptoSnoos - Reddit’s unique take on NFTs. We were pleasantly surprised by the demand that the first three NFTs generated in the auction, as well as the overall positive reception in the community for Avatar-based NFTs. Today, we want to update you on where we are in the project:

1. Encouraged by our initial test, we took a pause to weigh our next steps and vision. During that process, we learned that while we find the revenue potential compelling for Reddit’s “Direct User Pay” initiative, it is only meaningful to us if we can find ways to integrate community into our NFT offering. We have to succeed on both these frontiers - community integration and “direct user pay” revenue - in order to keep growing NFTs on Reddit.
2. To take the above ideas forward, we needed more real world data and rapid iteration in the market to advance the product. Which brings us to step 3.
3. We had created a few CryptoSnoos for our initial test, but paused after the first three sold. Today, we are ready to start selling the rest of the first set of NFTs (approximately 9 remaining). We have listed one of them for sale already, and plan to “drip” the remaining over the coming weeks. Our goal is to finish our first NFT set rollout, keep the interest in these NFTs going, and get more substantiation to support more NFTs down the road.
4. In parallel, we are working on some crucial infrastructure and product work and continuing to flesh out the bigger vision for NFTs on Reddit (e.g. how we might bring Reddit creators and communities into NFTs). We are also spending time to better staff this effort.

We are grateful for the community’s support in helping us gain confidence and in shaping early NFT iteration on Reddit. Please keep sharing your feedback and stay tuned for more from us. We expect to seek your input in developing the project forward.

You can find all of the details, “How To”’s and FAQs on this post. As a quick recap:

• For the latest updates, auctions, and information about CryptoSnoo NFTs check out nft.reddit.com.
• To join the live auction going on now, go to the Reddit Marketplace on OpenSea.
• CryptoSnoos are built for Reddit desktop and aren’t available in the Reddit Apps yet.

-- Reddit NFT Team