With 32 NFL teams in the league, Reddit has decided to limit the number of avatars available for each team to 500, resulting in approximately 16,000 avatars up for grabs.
The National Football League (NFL) season is about to begin, with the Kansas City Chiefs and Detroit Lions set to play the season’s first game. Reddit is seizing this opportunity to excite fans by releasing a collection of digital avatars backed by non-fungible tokens (NFTs). With 32 NFL teams in the league, Reddit has decided to limit the number of avatars available for each team to 500, resulting in up to 16,000 avatars up for grabs. Each avatar costs $25 and is based on Reddit’s iconic alien mascot, known as ‘Snoo’. This release marks one of the largest NFT collections ever launched by Reddit.
This isn’t the first time Reddit has gotten involved in NFL-related NFTs. They released 500,000 limited-edition NFTs tied to Super Bowl LVII in February, and these NFTs are also available on the OpenSea marketplace.
Reddit has seen a significant increase in NFT minting activity, owing largely to its collaboration with the NFL in the release of Super Bowl-themed NFTs. The number of avatar owners on Reddit has experienced a major increase within a short time, demonstrating the rapid adoption and growing interest in NFT avatars among Reddit’s user base.
🎉 TODAY IS THE DAY 🎉 Introducing NFL #RedditCollectibles for all 32 @NFL teams (limited to 500 units per team). Draft yours now! 🏈 #NFLxReddit #2023NFLKickoff https://t.co/e43sIHl9oW pic.twitter.com/WOjRagyJmv
— Reddit (@Reddit) September 6, 2023
Given Reddit’s nature as an online community known for hosting a diverse array of discussion forums where users engage in conversations, share content, and vote on posts, this trend isn’t entirely surprising. Many users come together around specific interests, making the acquisition of an NFT representing their interests a valuable opportunity. Football fans, for example, would jump at the chance to own an NFT representing their favorite team or favorite player.
Reddit enhances the NFT experience by offering a digital wallet known as the ‘Vault’ within its mobile app. This wallet allows users to securely store and manage their digital collectibles, such as the NFT-backed avatars.
Sports Fans and NFTs: A Winning Combination
Notably, surveys have shown that sports fans are more likely to own NFTs and cryptocurrencies such as Bitcoin and Ethereum. The link between sports fans and digital assets such as NFTs is critical in accelerating NFT sales in the sports domain. The CR7 NFTs dedicated to Cristiano Ronaldo, for example, sold out all of their premium features within a week of their November 2022 launch, despite the challenging climate in the crypto and NFT communities at the time.
The global community of passionate sports fans awaits the opportunity to acquire NFTs associated with their favorite athletes or players with eagerness. Furthermore, many sports NFTs’ limited availability adds to their appeal. Owning a sports NFT fosters a sense of community and fandom among sports fans, and many see these digital assets as viable investment opportunities. These factors, among others, contribute to sports NFTs’ increased appeal and rapid sales.