More than 3 million Reddit Vault wallets have been created as users hope to get their hands on an Avatar NFT

Image source: Yahoo Finance

In 2021, Reddit generated $350 million in revenue, and the platform also sees over 50 million daily active users.

Amid the good news, nearly 3 million new users have been interested in crypto, eager to obtain one of Reddit’s Collectible Avatar NFTs.

The avatars

According to chief product officer Pali Bhat, Redditors have created more than 3 million Reddit Vault wallets to purchase and trade NFT avatars.

The NFT series launched in July and its avatars are based on Reddit’s Snoo character.

On Tuesday, Bhat spoke on a panel at TechCrunch Disrupt in San Francisco alongside executives from Angel List and Calendly.

Reddit & NFTs

Since launching in 2005, Reddit has expanded into one of the biggest online platforms.

Last year, with $350 million in revenue, the platform continued to host over 50 million users daily.

Although Reddit is not the first to allow NFTs to be used as profile pictures, the platform was one of the most welcoming when it launched.

The reception has been more favorable compared to other platforms like Twitter.

When it launched NFT profile pictures, several Twitter users criticized the decision.

Meanwhile, Meta platforms like Facebook and Instagram launched similar features in September.

However, it has struggled to overcome problems like the metaverse rollout.

Rewards

After releasing the NFT collection in July, Reddit airdropped free Polygon NFTs to power users.

Among the chosen are users who earn a high level of karma–points awarded for contributing to Reddit’s communities.

In July, Reddit announced it would use Arbitrum Nova, a faster blockchain from the popular Ethereum layer-2 solution Arbitrum in efforts to scale Ethereum-based Community Points.

Other notes

While Reddit co-founder Alexis Ohanian left the company in 2018, he has raised money for a crypto-focused fund at his venture capital firm, Seven Seven Six.

According to CrunchBase, the firm has been managing more than $750 million since its 2020 launch.

Reference:

Reddit users created 3 million crypto wallets to scoop up Polygon NFTs

Opinions expressed by Coin Week contributors are their own.