Look out OpenSea, Reddit’s NFT Platform surpasses the largest marketplace
The growth of Reddit’s Non-Fungible token (NFT) platform, known as Vaults, has been impressive since its launch in July. More than 3 million Reddit users have opened their Vault accounts, and 2.5 million have purchased Reddit NFTs, according to Pali Bhat, the company’s chief product officer.
Reddit collectibles making a splash
The number of Reddit NFT holders has increased to 2.8 million, with total sales volumes surpassing $8 million. The largest NFT marketplace, OpenSea, currently has 2.3 million active users. While the number of users is impressive, Reddit still has a long way to go to reach the heels of NFT marketplace giants when it comes to sales volumes.
The demand for Reddit’s NFT avatars has been steadily increasing, with the platform hitting a new record of 255,000 minted avatars last Saturday. This spike in demand is thought to be due to users wanting to stand out on the platform.
The growth of Reddit’s NFT platform
Reddit formed a partnership earlier this year with Polygon and several artists to develop around 40,000 NFT avatar designs. Prices for the NFTs started at around $10, and users could purchase them through the Reddit mobile app. The popularity of these collectibles has led to many Redditors using them as their profile pictures on and off the platform.
The success of Reddit’s NFT platform can be attributed to its user-friendly design and ease of use. The platform’s partnership with Polygon and artists has also helped to increase its popularity and bring in new users.
In addition to its NFT avatars, Reddit has also introduced tokenized badges, which users can earn and display on their profile pages. These badges are intended to reward and recognize users who contribute to the platform in various ways, such as participating in discussions or moderating communities.
Redditors create millions of digital wallets to get their NFT avatars
Reddit’s Chief Product Officer, Pali Bhat, has emphasized that the majority of these wallets (more than 2 million) were created by Redditors to purchase non-fungible and tokenized avatars that can be used as profile pictures on Reddit’s social platform. Users created the Reddit wallets from Reddit’s Vault.
Earlier this year, the social media platform formed a partnership with Polygon and several artists to develop around 40K NFT avatar designs. The NFTs became available to investors who could purchase them via the Reddit mobile app. The trendy move saw many Redditors use their limited edition collectibles as their profile pictures on and off Reddit.
It is clear that Reddit’s NFT platform has been a huge success since its launch in July. The platform’s unique user experience and partnership with one of the top smart contract blockchain networks out there have contributed to its success. The demand for Reddit’s NFT avatars continues to grow at record-breaking levels, and it shows no sign of stopping. Leveraging its huge internet community, Reddit is well-positioned to become a leader in the NFT market should it continue to push for these initiatives. Only time will tell.
