The introduction of NFTs in 2015 was a big break in the crypto space, attracting interest from new and existing brands--which led to greater adoption in 2017. As more projects surfaced, NFTs became a flourishing channel for trading and investing. One of the early adopters of NFTs is the social media channel Reddit. The company introduced its NFT wallet back in July to enhance participation, and it has successfully acquired over 2.5 million users as of writing this post.
Reddit NFT Wallet Hits 3 Million Users
By Allan G. | 10-27-2022
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In conclusion
While the NFT market is experiencing a bearish period, it is becoming more apparent that the sector is ready for more growth. As more social media platforms come out with their own wallets, Reddit is far from being the last channel to flourish.
Over 3 million members are using Reddit’s Vault
NFTs are non-fungible tokens, or digital assets created and supported on blockchain technology that transfers distinct ownership to buyers. These digital assets can be anything, but they aren’t just some garden variety jpegs, since only one person can own an NFT--or its fractionalized parts--at a time.
What are NFTs?
Reddit is a social news and entertainment media platform that’s popular among cryptocurrency users. Like Discord, this platform has significantly captured the interest of many crypto projects and users, creating an avenue to communicate in crypto lingos, meet new crypto traders, and share helpful market insights.
In a recent interview, Reddit Chief Product Officer, Pali Bhat, revealed that over 3 million Redditors had created crypto wallets using Reddit’s Vault. He further explained that 2.5 million out of the 3 million wallets had been used to purchase NFT avatars. Reddit NFT wallets have garnered more use than some leading NFT marketplaces like OpeanSea.
To delve into NFT, Reddit worked with some designers to create 40,000 collections of NFTs (currently sold out), which are sold to members for use as profile avatars. Reddit gave out airdrops to some of its users based on their karma, community engagement, and other criteria.
Following the launching and sales of the 40,000 CryptoSnoos collections, it became apparent that more Redditors were interested in getting the profile avatars. Reddit members can use the Avatars on their account profiles or resell them in the NFT marketplace. Across its collections, Aww Friends, The Singularity, Drip Squad, and Meme Team, the lowest floor price is 0.01 ETH, or about $13.
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