Erik Weijers, a month ago
Ahead of the Superbowl of past Sunday, users of social media platform Reddit could mint free Superbowl themed NFTs. Since the launch, 1.3 million have been minted. That's remarkable and bullish for the Ethereum ecosystem: Reddit uses the Ethereum-compatible Polygon chain (MATIC) to mint the NFTs.
The NFT collection are avatars are based on Reddit's mascot, for the occasion clad in American Football gear. Because they’re free avatars, Reddit’s Super Bowl NFTs haven't generated a lot of trading activity: they trade on OpenSea for around 0.3 MATIC. But from the perspective of an investor in crypto, that's besides the point. What counts, is that new people are introduced into crypto in droves. About 500,000 new wallets were created thanks to the Super Bowl promo.
More than 6.6 million unique wallets now hold Reddit’s avatars. Last autumn, another big collection generated more than 2 million NFT mints, helping build a bullish narrative for Polygon.
All these new entrants to crypto get acquainted with a crypto wallet (Reddit calls it vault) and storing their recovery phrase: skills essential to claiming and keeping ownership in the digital world.
NFTs are currently the main driver of crypto adoption. 80% of new wallet addresses were created to purchase an NFT.
What a difference a year makes... the most prestigious television ads space in the world - American Superbowl halftime ads - didn't see one single crypto ad this year. Crypto ads were banned!
Contrast this to exactly a year ago. FTX paid millions for its now infamous ad 'Nah, I don't think so' starring with Larry David. Matt Damon at the time scored cringe points for 'Fortune favors the brave', an ad for crypto.com.
The crypto fever of a year ago has made way for public skepticism and regulatory scrutiny. In the meantime, while prices are low, adoption keeps continuing at record speed...
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