Wallets have been created after NFT marketplace was created on the Social platform in July
Reddit claims 50 million daily active users and grossed over $350 million in earnings last year. The social network has seen millions of users open a crypto vault on the platform since the inception of the NFT marketplace on the platform.
The Reddit Vault Wallet is used to purchase and store tokens allowing users to manage community points and use them for in-app purchases.
The social network started its push into web3 with its CryptoSnoo collection. The NFT marketplace was then opened on Reddit to the public this past July with users being able to create their own avatars and those with high karma receiving airdrops.
Trojan Horse Methodology
The success of Reddit NFTs showcases there is indeed a market for PFP assets. Reddit has been successful whereas other platforms have failed. Twitter launched NFT profile pics for its Twitter Blue but was criticized heavily. Meta enabled NFTs for Facebook and Instagram users but has not been as successful with it.
The success of Reddit has been compared to the story of the Trojan Horse ushering NFTs into the mainstream, doing what every other platform has been unable to do.
Reddit Avatars are the Trojan Horse of NFTs that are on boarding millions into Web3, and no one is talking about it 🧵 pic.twitter.com/x6LMCH0JAy— AB (@ABBBBBB_NFT) October 19, 2022
The number of wallets opened on Reddit has surpassed the number of wallets on OpenSea which currently has 2.3 million wallets. The price of the avatars on Reddit range from $9.99 to $99.99. Currently, there are no longer any avatars available as only 40,000 were created.
The Reddit vault houses two cryptocurrencies that were built with communities on Reddit- MOONS and BRICKS and soon more Halloween -themed NFTs could be appearing soon.