Reddit Recap turned user profiles into trading cards with all the hallmarks of an NFT. The cards have ratings, traits, and abilities, which has sparked speculation in the cryptocurrency community.
The crypto community is abuzz with speculation that Reddit will release additional NFTs. The theory is based on a recent Reddit Recap release that features trading cards for user profiles.
Reddit’s Recap for the Year displays users’ usage of the platform throughout the year and includes personalized information such as their most upvoted comments. There is, however, a section where users can see a trading card format of their profile as well as a rating based on the karma they have earned.
This trading card profile looks suspiciously similar to an NFT, which has sparked heated debate among crypto enthusiasts. The trading card also grants them a superpower, such as increasing their stats after certain actions.
The presence of traits, superpowers, ratings, and unique, flashy designs is a fairly strong indication that more NFTs are on the way. The card can be shared both on and off Reddit.
Of course, the crypto community has dug into the matter with zeal, hoping to learn more about a potential NFT launch. One user discovered a contract for the recap, so it appears likely.
There isn’t much else to go on in terms of an NFT release, but all signs point to it. Given the amount of speculation, it’s possible that Reddit will announce a new initiative before the end of the year.
Reddit has previously expressed interest in NFTs and cryptocurrencies. Another encouraging sign is that its avatar NFTs have grown significantly.
In terms of adoption, Reddit’s NFTs have been rapidly increasing in 2022. According to Dune, Avatar minting reached an all-time high on December 3. Over 255,000 of these were produced, with over 4 million avatar holders.
Avatars have grown rapidly since September, with a particularly sharp increase in the last few months. The total cumulative sales volume of these avatars exceeds $11.7 million across 95,000 sales. The most expensive avatar sold for 30 ETH, which was worth around $40,000 at the time of publication.
Pali Bhatt, Reddit’s first Chief Product Officer, has played a significant role in the success of Reddit’s NFTs. He has praised the success of Reddit NFT avatars, which have stood out in what has been a difficult year for the niche.