Get ready for another metaverse news. Reddit has proved that it can sell its collectible avatars to a consumer base, despite the fact that customers have grown somewhat disenchanted with digital tokens in overall, as it was one of the few brands to buck a downturn in the markets for nonfungible tokens NFTs late last year. This was achieved by being one of the few brands that were able to buck a downturn in the markets for NFTs.
Reddit activities
Neal Hubman, the head of global client solutions for Reddit, recently gave a presentation at the annual conference of the National Retail Federation in New York City. In his conversation, he discussed how the forum site was able to make the CryptoSnoos NFT project a success by making sure that cryptocurrency jargon took a backseat to the actual utility of the collectibles.
Many of the first NFT projects in 2021 used buzzword-heavy marketing to play up their ties to what was then a hot new trend. However, as customers have come to associate that language with failures like FTX’s collapse, brands have tried to use simpler language.
Reddit tried to remove the majority of potentially alienating in-group language, according to Hubman, and instead marketed the tokens as “online collectibles.”
“The consumer doesn’t care about [jargon],” Hubman said. “The industry will continue to evolve and make it easier to onboard to Web3 whether they know it or not. I’d just like to encourage everyone to remove the jargon and speak like a normal human or brand, and you’ll be a lot more accessible and approachable.”
According to Hubman, one of the most challenging parts of creating NFTs and other Web3-related initiatives is incorporating them into an existing community of users and fans. Reddit has an advantage because it had already spent considerable time analyzing the preferences and sensibilities of the site’s millions of user communities.
“Brands who engage in those communities need to ask how they are going to add value. It’s not a one-way message,” Hubman said. “So we do really think about that approachability in order to be accepted in the community, and you can build trust once you’re accepted. That’s just the lens we’ve looked at for a long time with Reddit.”
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