Reddit Claims 3 Million NFT Users.

Pali Bhat, Reddit’s chief product officer, says that more than three million users have made cryptocurrency wallets to try to get one of Reddit’s Collectible Avatar NFTs. In August of 2022, the social networking and community app gave away free NFTs to some of its most loyal users. Reddit users need to make Reddit Vault wallets if they want to buy, sell, or store NFTs. Based on the most recent information, it looks like Reddit may have more active wallets than OpenSea, which has 2.3 million active wallets right now.

Here, you can find out everything you need to know about Reddit’s New Feature Requests:

About the NFT wallet users on Reddit

During a panel discussion at TechCrunch Disrupt, Bhat talked about this fact. He said that more than 3 million people on Reddit had made Vault wallets. The fact that 2.5 million of these were made so that users could get NFT avatars that they could then use as their Reddit PFPs is especially interesting. Even though the market has recently dropped, the most recent post on Reddit shows that interest in PFPs is on the rise again.

To give you an idea of how big this is, the most popular platform for trading cryptocurrencies, OpenSea, has more than 2.3 million registered users. DappRadar’s statistics show that Magic Eden, with 1.17 million users, is the Solana marketplace with the most people using it. LooksRare has just over 106,000.

Reddit’s efforts to join the NFT

Reddit was one of the first big social media sites to join the NFT trend, which is an interesting fact. In June 2021, the company released an NFT collection called CryptoSnoo. It was based on the company’s mascot, Snoo. (also known as the Reddit alien) At the beginning of this year, it started testing a feature that would let users choose any Ethereum NFT as their PFP.

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Later, in July, it started to run its NFT market by giving out collectible avatars (more on that later). In the marketplace, users can buy, sell, and trade avatar NFTs. Users can use their credit cards or debit cards to buy NFTs, but they can also store their assets in the Reddit Vault wallet.

At the time, the company said, “In the future, we see blockchain as one way to give Reddit communities more power and independence.”

What are these “Collectible Avatars” exactly?

There are about 40,000 limited-edition avatars NFTs in the Reddit Collectibe Avatars NFT collection. These avatars are based on the Polygon blockchain. Before the first release, the company worked with a number of artists from Reddit to create more than ninety different designs. After that, these items were put up for sale at prices that ranged from $9.99 to $99.99. Also, people who were part of the invite-only subreddit r/CollectibleAvatars got to see the collection before anyone else.

Then, in August, the well-known social media company decided to send the avatars to the most active members of its community through an airdrop. Participants had to have a certain amount of “karma” before they could take part in the airdrop. To be more specific, karma is Reddit’s way of rating people based on how much good they do for the community.

All things considered, if what has been said about Reddit is true, then its most recent update shows that PFP NFTs are being used. Also, the company made more than 350 million dollars in sales the year before. Even so, it is thought that the NFT projects on the platform will bring in more money.

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