- Redditors now have more NFT wallets than OpenSea.
- Over 3 million Redditors have created crypto wallets to buy NFT avatars.
- IN July 2022, Reddit launched an NFT marketplace allowing users to buy blockchain-based profile pictures.
TechCrunch Disrupt, Reddit chief product officer Pali Bhat revealed during a panel that over 3 million Redditors have created crypto wallets to buy NFT avatars. Focusing more on the exact numbers, 2.5 million Reddit vaults are created just to buy NFT avatars.
The interesting fact is that world’s largest NFT marketplace, OpenSea has only 2.3 million wallets which means that Reddit vaults have surpassed OpenSea. Dune Analytics recently indicated in its report that OpenSea has 1 million active wallets as of January 2022.
In July 2022, Reddit entered the NFT space by launching an NFT marketplace that allowed users to buy blockchain-based profile pictures for a fixed price. To do so, Reddit partnered with over 30 artists to create 40,000 NFT avatars. The prices of these NFT avatars were in the range of $9.99 to $99.99.
Moreover, those who bought limited edition NFT avatars have the flexibility to use the NFT avatar on Reddit as well as other platforms. Users can also customize their NFT avatars with an in-built avatar builder tool.
Reddit also collaborated with Polygon, a layer-2 scaling network solution for Ethereum to mint the NFT avatars.
The Reddit NFT collection is among the top 10 NFT collections on OpenSea. The Sensex x Reddit collection has had a trading volume of 224 ETH in the last 30 days.
While the Foustlings x Reddit collection has seen a trading volume of 247 ETH on OpenSea in the past month.
With only 40,000 NFTs in the collection, the demand for the NFT avatars escalated quickly among the collectors. This resulted in the creation of millions of Reddit vaults to acquire the NFT avatars among the Redditors.