Crypto wallets have become quite popular in Reddit’s NFT marketplace, attracting artists and users
In July, Reddit embarked on the NFT bandwagon, launching an NFT-based marketplace that will enable users to purchase blockchain-based profile pictures for a fixed rate. Based on the present condition of the NFT market, it is quite evident that the phenomenon of NFTs is here to grow. The growing dominance of NFTs is quite evident in the Reddit community. The social network’s users have opened over 2.5 million crypto wallets on the platform since Reddit’s NFT marketplace was launched in July. The Reddit Vault Wallets are generally used by users to purchase and store tokens.
Reddit claims it has over 50 million daily active users and a gross of over US$350 million in earnings in the last two years, so its emergence into Web3 is expected to bring more platform users and revenue. Reddit’s NFT marketplace requires users to set up a Reddit vault wallet to purchase and store tokens. The wallet allows users to manage community points stored on-chain that can be used for various in-chain purchases.
Besides, to advance Reddit’s NFT initiatives, Reddit partnered with roughly 30 artists to release around 40,000 NFT avatar designs, which could be purchased through the Reddit mobile app. Users who purchased one of the limited-edition pics got licensing rights to use it on and off of Reddit as an avatar, and could mix and match their avatar’s look using a built-in avatar builder tool. Besides, this, Reddit also partnered with Polygon, an Ethereum-compatible blockchain, to mint the avatars.
Beyond NFTs, Reddit has also moved onto new lines of revenue. The company has also revolved around the idea of introducing Tiktok-like video editing tools and made several targeted acquisitions, including buying a content moderation startup. NFT avatars and crypto wallets are the new rave that the industry is now crazy about!