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What Reddit Got Right in Their Crypto Release: Other Companies Can Learn

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by COINS NEWS 43 Views

Reddit has had a very successful launch of their Reddit Avatars NFT series. The success was not guaranteed and was due in a large part to “making the blockchain easy”.

Wallet Without Additional App

This is a giant barrier. People do not want to download another app. They do not want to sign up for something else. Reddit integrating the wallet into the mobile app, while still allowing for it to be exported to a defi wallet like MetaMask reduced barriers.

One downside of this has been that despite warnings there are people that have not written down their seed phrase and lost access to their device and think that Reddit can just reset their password.

No Gas Fees

People hate paying to do a transaction. There is a reason why retailers pick up the credit card fee. Reddit paying the gas fees make it feel like a "normal" transaction and reduces the crypto knowledge requirement. Get

Giving it away for free

Reddit has given away over 3,000,000 free NFTs that have a wide range of designs targeting different demographics. People love free things and will even create a

Allowing easy payment with Credit Cards

There was zero barrier to entry to purchasing the NFTs. You could buy them, just like you buy anything else on the internet. You can look in your iPhone and use your face to buy it or type in your credit card information.

Not calling it crypto or NFTs

NFTs and crypto have a very polarizing sentiment around them. Using "normal terminology" made it seem like a normal transaction and not a crypto transaction. This made

Large built-in user base

Reddit had an advantage that many companies do not have. They have a giant user base that is 67% male, 38% say they are technology enthusiasts, and 80%+ are between 18-49 years old. This is the prime target for crypto and NFTs. The hardest part for crypto adoption is getting the user base, Reddit has the prime user base as a captive audience.

A lesson to others

You can bet that other companies are noticing what Reddit did correctly with their crypto release.

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