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Reddit Users Open 2.5 Million Crypto Wallets After Launch of NFT Marketplace
Among the total 3 million users that have opened Reddit Vault Wallets, 2.5 million have occurred since its NFT marketplace opened in July.
Reddit users appear to be upvoting non-fungible tokens (NFT).
The social network’s users have opened over 2.5 million crypto wallets on the platform since Reddit released its NFT marketplace in July.
STORY CONTINUES BELOW
Reddit claims it has 50 million daily active users and grossed over $350 million in earnings last year, so its foray into Web3 may bring more revenue to the social platform.
The social network’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-app purchases.
Read More: Reddit Rolls With Arbitrum to Scale Its Ethereum-Based Community Points System
Reddit’s rollout of NFTs has been in the works since its initial release of CryptoSnoo” in June 2021, an NFT collection based on the platform’s logo, Snoo. In July, Reddit opened its NFT marketplace to the public, ahead of its August airdrops to users with high karma across four Snoo-based collections.
As the total number of wallets is roughly 3 million, it’s clear the interest in owning these PFP NFTs is driving adoption — the vast majority of new users have hopped on board in the past three months.
Across its collections The Singularity, Aww Friends, Drip Squad and Meme Team, the lowest floor price is 0.01 ETH, or about $13.
See Also: Reddit Expands Community Points Offering With FTX Pay Integration
Cam Thompson
Cam Thompson was a Web3 reporter at CoinDesk. She is a recent graduate of Tufts University, where she majored in Economics and Science & Technology Studies. As a student, she was marketing director of the Tufts Blockchain Club. She currently holds positions in BTC and ETH.
