With over 50 million active users on a daily basis, Reddit is a hotspot for the crypto community to host the latest discussions on trending tokens.
Now, around 3 million crypto wallets were created by Reddit users as they set their eyes on cryptocurrencies. Their reason? Scooping up one of the platform’s collectible avatar NFTs.
Based on statements by the platform’s chief product officer, numerous Redditors have attempted to get their hands on an NFT since the series debuted in July.
In the span of a few months, Reddit users created millions of Reddit Vault wallets for the purpose of buying and trading NFT avatars, which are based on the iconic character and platform mascot, Snoo.
Reddit Gains Popularity among Crypto Community for NFT PFPs
Pali Bhat, the chief product officer at Reddit, recently spoke at the TechCrunch Disrupt event in San Francisco as part of the panel. Along with executives from Calendly and Angel List, he spoke about Reddit’s popularity among the crypto community.
Since it launched in 2005, Reddit has evolved to become an internet giant. Last year, it managed to generate around $350 million, with over 50 million users visiting the platform every day.
Although Reddit isn’t the first platform to allow users to put up NFTs as profile pictures, the launch of its NFT avatars was certainly well-received.
NFT Avatar Launch another Crypto Milestone for Reddit
Based on Reddit’s success with NFTs, shows that the public certainly has an appetite for JPEGs. In January, Twitter rolled out its NFT profile picture feature. As of now, it’s exclusive for users who subscribe to Twitter Blue, something that was heavily criticized by users.
Last month, Meta tried enabling NFTs for its flagship platform, Facebook, and Instagram. However, the multi-billion dollar corporation has been struggling to address other concerns with its metaverse launch. Such issues are affecting the quality of the NFT feature.
In contrast, Reddit’s adoption of NFTs was likened to a Trojan horse that will inevitably lead to the mainstream adoption of NFTs.
Reddit Leads the Pack with Blockchain Based Features
While the NFT avatars are certainly significant news, it’s just one of the various blockchain-based features Reddit launched.
After rolling out its collection of profile picture avatar NFTs in July, Reddit airdropped free Polygon NFTs to Redditors who collected enough karma (points given for major contributions to the platform’s communities).
In August, Reddit announced that it would embrace Arbitrum Nova, which is a faster blockchain based on Ethereum’s own chain. This was to increase its Ethereum- based community points.
In addition, Alexis Ohanian, co-founder of Reddit who left the firm in 2018, is currently raising contributions for a crypto-dedicated fund at his venture capital firm.