Over three million customers have opened crypto wallets to seize one among Reddit’s Collectible Avatar NFTs, claimed its chief product officer, Pali Bhat. In August 2022, the social media/group app airdropped free NFTs to its most loyal customers. To purchase, commerce, and retailer NFTs, Reddit customers should arrange Reddit Vault wallets. Based mostly on the present figures, Reddit probably has extra lively wallets than OpenSea with 2.3 million lively wallets.
Right here’s all it’s essential to find out about Reddit’s NFT initiatives:
About Reddit NFT pockets customers
Talking throughout a panel at TechCrunch Disrupt, Bhat famous that over three million Reddit customers have arrange Vault wallets. Notably, 2.5 million of those had been created to buy NFT avatars, which customers can use as their Reddit PFPs. Regardless of a market crash, the newest Reddit announcement exhibits that there’s renewed curiosity in PFPs.
To place issues into perspective, the main NFT market OpenSea has 2.3 million customers. Whereas the highest Solana market, Magic Eden has 1.17 million, LooksRare has a little bit over 106,000, in keeping with DappRadar information.
Reddit’s NFT initiatives
Apparently, Reddit was one of many first social media giants to hop on the NFT bandwagon. In June 2021, the corporate launched CryptoSnoo, an NFT assortment based mostly on its Snoo mascot (aka, the Reddit alien). Early this yr, it began testing a characteristic to permit customers to set any Ethereum NFTs as their PFP.
Later, in July, it launched its NFT market with the Collectible Avatar drop (extra on that later). {The marketplace} permits customers to purchase, promote, and commerce avatar NFTs. Whereas customers can utilise credit score or debit playing cards to purchase the NFTs, they’ll retailer their belongings in Reddit’s Vault pockets.
“Sooner or later, we see blockchain as one option to deliver extra empowerment and independence to communities on Reddit,” the corporate stated in a press release on the time.
What are Collectible Avatars?
The Reddit Collectibe Avatars NFT assortment options round 40,000 limited-edition, Polygon blockchain-based avatar NFTs. For the primary launch, the corporate partnered with Reddit artists to create round 90 designs. These had been then accessible on the market at costs starting from $9.99 to $99.99. Moreover, members of the invite-only subreddit, r/CollectibleAvatars had early entry to the gathering.
Then, in August, the favored social media firm determined to airdrop the avatars to its high group builders. Solely these with a minimal quantity of “karma” was eligible to obtain the airdrop. To clarify, karma is Reddit’s approach of measuring a consumer’s contribution to the group.
All issues thought of, if Reddit’s claims are true, its newest replace indicators the adoption of PFP NFTs. Furthermore, the corporate raked in over $350 million in income final yr. Amid this, its NFT ventures are probably to herald extra earnings to the platform.
