Reddit overtakes marketplace OpenSea in number of NFT wallets
Most of the Reddit Vault wallets were created just for NFT avatars. A total of 3 million wallets have been created on Reddit Vault.
Reports are emerging that eight out of ten Reddit Vault wallets were created after the introduction of NFT avatars. The information was revealed during a TechCrunch Disrupt conference panel.
Reddit product manager Pali Bhat was among the panel members who said that more than 3 million Reddit users had used Reddit's Vault wallet to create cryptocurrency wallets.
Bhat also pointed out that 2.5 million of those wallets were created to buy NFT avatars. What is interesting is the fact that the largest NFT marketplace on the market, OpenSea, only has 2.3 million active wallets. That means that Reddit potentially has more active wallets than OpenSea.
Reddit allows users to purchase NFT avatars, with prices ranging from $9.99 to $99.99. Avatars are no longer available as only 40,000 were designed.
Reddit is a second home for many cryptocurrency users. Two subreddits even have their own cryptocurrencies: MOONS and BRICKS. Assets are stored in Reddit's Vault, which is an integrated digital wallet.
Some Reddit users received a free collectible avatar based on their karma, commitment to the community, and other criteria. They could also sell these collectible avatars and they appear on their public blockchain address.
With only 40,000 NFTs released, there wasn't much supply to meet the high demand Redditors showed for the avatars. However, they may be in for some luck, as Halloween-themed NFTs could appear soon.
The popularity of Reddit NFTs has skyrocketed in recent weeks, with some collections making it into OpenSea's top 10 Polygon NFTs. In the last 30 days, The Senses x Reddit collection reached a trading volume of 224 ETH.
