Reddit NFTs, NFT Tweet Tiles: The road to mass adoption?
So, who had Reddit NFTs on their 2022 bingo card? Or that Elon Musk would actually end up buying Twitter, which is now testing NFT Tweet Tiles that will allow users to buy and sell NFTs through tweets?
With these two seismic shifts shaking up the crypto world, are we reaching a tipping point signaling the mass adoption of NFTs (non-fungible tokens)? Or, as Reddit has been careful to call them, Collectible Avatars, as an example of digital collectibles.
In fact, the first rule of NFTs might be: you do not talk about NFTs.
The success of Reddit’s Collectible Avatars has been nothing short of shocking, happening as it did during a bear market and involving Reddit users, who notoriously hate NFTs. Unbelievably, the Collectible Avatars generated US$2.5 million in daily trade volume. It also prompted three million Reddit users to sign up for NFT wallets.
One of the key takeaways from the massive success of Reddit is the frictionless onboarding of users, as this excellent article, “How Reddit Got Haters to Buy NFTs”, points out.
“Collectible Avatars — Reddit did not use the term Web3, NFTs, etc. They just launched their product and called it ‘Collectible Avatars’ to attract the non-web3 folks too. We bet most people did not even know that they were buying NFTs.
“Simple password security — To create a vault on Reddit, you need not store seed phrases to access your public address. They made it easier for Web3 users by creating a simple password method.
“Ease of payment — You could purchase Reddit NFTs through a credit card. No need to convert fiat into ETH or MATIC to pay for the NFTs.
“Although it’s not proven yet, these three factors could have played a major role in getting the non-Web3 folks also interested in NFTs.”
Similarly, Twitter’s NFT Tweet Tiles might bring NFTs to the attention of millions of users on its platform. Not only in terms of spreading awareness, but also in making it easier to buy and sell NFTs.
To onboard more users to web3 and get more people to embrace NFTs, cryptocurrency, and blockchain gaming, the process must become easier. In particular, creating a crypto wallet can be a major hurdle. Imagine how intimidating it is for someone unfamiliar with blockchain technology to be told that to buy NFTs, they must first create an account with a crypto wallet like MetaMask, buy cryptocurrency, and then connect MetaMask to an open NFT marketplace or minting page.
That’s why it’s becoming a trend for blockchain game developers and other companies embracing web3, such as GameStop, to create their own wallets, instead of outsourcing it to a third party like MetaMask. By providing a ready-made wallet for players, they ensure a better customer experience and a more painless onboarding process.
As part of its mission to empower game developers by letting them easily create and deploy web3 games and NFTs, Playfix offers a robust set of APIs. This includes the wallet API to manage custodial game wallets.
At the end of the day, NFTs will continue to evolve, and more people will find compelling reasons to buy them and embrace web3.
Let’s make it a lot easier for them.
