Redditors have created millions upon millions of crypto wallets in order to purchase NFT avatars.
Reddit launched marketplace
Reddit launched an NFT-based marketplace in July that allows users to buy blockchain-based profile photos at a fixed price. You might think that this experiment failed due to the current sentiment about NFTs. However, it appears that the reverse is true.
Reddit’s Vault blockchain wallet
Reddit’s chief product officer Pali Bhag revealed today that more than three million Redditors have created over three million cryptocurrency wallets using Reddit’s Vault blockchain wallet. He said that 2.5 million of them were used to buy NFT avatars, which can be used for profile photos on the platform.
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Dune Analytics report
Given that not all NFT markets are willing to share these metrics, it’s hard to place the numbers in context. Dune Analytics reported in a report, that OpenSea was the top platform hosting more than one million active wallets at January. As of March, the crypto wallet MetaMask had served over 30 million users.
Reddit collaboration
Reddit collaborated with approximately 30 artists to create around 40,000 NFT avatars a few months back. These designs could be purchased via Reddit’s mobile app for prices between $9.99 and $99.99. They are all currently sold out. The limited-edition photos were licensed to be used on Reddit as avatars. Users could also mix and match avatar looks using the built-in avatar maker tool.
Reddit joined Polygon
Reddit joined forces with Polygon, an Ethereum compatible blockchain, to create the avatars. In blockchain jargon, “minting,” refers to publishing an NFT unique so it can be purchased or sold. Vault is used by Reddit to store and manage NFTs.
Reddit’s latest venture into NFT is after the social network allowed users to choose any NFT as their profile photo, following the lead of Twitter. NFT avatars were only available to members of the Subreddit r/CollectibleAvatars.
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Reddit expanding beyond NFTs
Reddit has been expanding beyond NFTs in recent months to find new revenue streams. Reddit has been exploring the possibility of creating TikTok-like video editing software and has made targeted acquisitions such as Oterlu content moderation company, MeaningCloud natural language processing company, Spell machine learning platform Spell, and Spiketrap contextualization company. Reddit redesigned its developer portal in order to boost third-party apps, bots, and also upgraded RedditTalk with new discovery features
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