Reddit now has more NFT wallets than OpenSea

by James · October 19, 2022

A majority of Reddit Vault wallets were created just for NFT avatars. A total of 3 million wallets have now been created on the 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’s product manager Pali Bhat was a member of the panel who said that over 3 million Redditors had used Reddit’s Vault wallet to create crypto wallets.

Bhat also pointed out that 2.5 million of these wallets were created to purchase NFT avatars. What is interesting is the fact that the market’s largest NFT marketplace, OpenSea, only has 2.3 million active wallets. That means 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. It’s not the only social media platform to allow this, with Twitter allowing users to use NFTs as profile pictures.

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Reddit NFTs sold out quickly

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 a built-in digital wallet.

Some Redditors received a free collectible avatar based on their karma, community involvement and other criteria. They can also sell these collectible avatars, and appear on their public blockchain address.

With only 40,000 NFTs released, there wasn’t much supply to meet the high demand that Redditors showed for the avatars. However, they may be in luck, as Halloween-themed NFTs may appear soon.

Reddit NFT collections reach top 10 on OpenSea

The popularity of Reddit’s NFTs has skyrocketed in recent weeks, with some collections hitting OpenSea’s top 10 Polygon NFTs. In the last 30 days, The Senses x Reddit collection has reached a trading volume of 224 ETH.

Meanwhile, the Foustlings x Reddit collection has also been very popular. The pool has had a trading volume of 247 ETH in the last 30 days. There are several collections available, as shown on OpenSea.

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