Since July, after Reddit first introduced its NFT marketplace, members of the social networking site have added more than 2.5 million crypto wallets to the website. Having created all these wallets, many members of Reddit are now transacting on the newly launched platform, which allows for trades between digital collectibles, or non-fungible tokens (NFTs).
It is possible that Reddit’s move into Web3 may generate additional revenue for the social platform as a result of the company’s claim that it has 50 million daily active users and that it earned more than $350 million in the previous year.
For users to be able to acquire and keep tokens in their possession via the social network’s NFT marketplace, they must first create a Reddit Vault Wallet. Users are able to manage community points that are kept on the blockchain and may be used for a variety of in-app purchases thanks to the wallet.
The launch of non-fungible tokens (NFTs) on Reddit has been in the works since the platform’s inaugural release of “CryptoSnoo” in June 2021. CryptoSnoo is an NFT collection that is based on the platform’s logo, Snoo. Reddit made its NFT marketplace accessible to the general public in July, just in time for the airdrops that were going to be distributed in August to users who had accumulated a significant amount of karma across four different Snoo-based collections.
It is apparent that the desire to hold these PFP NFTs is driving adoption since the great majority of new users have gotten on board in the previous three months. The total number of wallets is about 3 million, so it is clear that this interest is driving adoption.
The lowest floor price across all of its collections, including The Singularity, Aww Friends, Drip Squad, and Meme Team, is 0.01 ETH, which is equivalent to around $13.
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