At the recent Ethereum Community Conference (EthCC) event held in Paris, Mirela Spasova, a senior engineer from Reddit laid out an intriguing inside view of the social platform’s strategy for onboarding millions of users to its blockchain-based digital collectibles or NFTs (Non-Fungible Tokens). The Collectible Avatars project is Reddit’s latest foray into granting users the freedom of use, including letting them resell avatars in popular NFT marketplaces, like OpenSea. This initiative aims not only to engender user engagement within the NFT ecosystem but also potentially unlocks another value stream from the burgeoning digital collectibles sector.
As per Spasova, Reddit’s strategy to achieve widespread adoption and support creators in monetizing their collections was focused on the user experience. This included developing an easy-to-use non-custodial wallet, “Reddit Vault,” and introducing fiat purchases. Bolstering the user experience further, Reddit ensured that users received their avatars instantly upon claiming and made use of an asynchronous system to update metadata once the NFT was minted.
An intriguing aspect of the onboarding process was the emphasis on messaging for interacting with new users. The focus was more on the product’s benefits, value, and overall user experience than the underlying technology. Through their user-centric approach, Reddit successfully managed to bring over eight million users onto their wallets.
Despite the success, voices of scepticism raise valid questions around the rapid monetization. For instance, the approach towards mass adoption, specifically the rapid onboarding process with less focus on blockchain education and more on the product’s benefits does raise the specter of users plunging into a world they may not fully understand, which brings with it certain risks.
Furthermore, a fully inclusive experience requires critical examination. Will this break the barriers of the blockchain world, or will it only offer limited access to it? While the project certainly has the potential to open doors to larger communities, the debate lies in whether this inclusivity will lead to a lack of understanding of the technology, leading to users falling prey to scams or irresponsible investments.
Reddit’s foray into the blockchain and NFT realm has given a new perspective on digital collectibles and stirred up larger conversations on the role of big tech companies in the crypto world. On one hand, it’s a significant step towards bridging mainstream platforms with emerging technologies. On the other hand, it raises rich questions around user education and protection. The route Reddit is paving is to be watched attentively.
Source: Cointelegraph
