Reddit users appear to have reacted positively to the platform’s non-fungible token (NFT) initiative.
This is proved by the fact that, according to a TechCrunch article, users have opened over 2.5 million Vault cryptocurrency wallets – Reddit’s own blockchain wallet accessed through the company’s native app – since the social network released its NFT marketplace in July.
This would put Reddit ahead of OpenSea in terms of active user wallets, since the latter had somewhat more than 1 million active wallets in January.
The Reddit NFT marketplace allows users to purchase Polygon-based NFT avatars, designed by some of Reddit’s most committed graphic designers, which they can then use as their platform profile pictures.
According to a new Reddit update, users are now also able to transfer their Collectible Avatar to another Reddit account with a Vault or to an external third-party crypto wallet and use the NFT outside of the Reddit network.
With its entry into Web3, Reddit would be able to revolutionize its platform, which already counts approximately 52 million daily active users, and find a new source of revenue, previously dominated mostly by its advertising business, which generated $350 million in revenue in 2021.