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 following the introduction of NFT avatars. The information was revealed during a TechCrunch Disrupt conference panel.
Reddit chief product officer Pali Bhat was one 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 those wallets were created to purchase NFT avatars. What’s interesting is the fact that the market’s biggest NFT marketplace, OpenSea, only has 2.3 million active wallets. That means Reddit potentially has more active wallets than OpenSea.
Reddit allows users to buy 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.
Reddit NFTs quickly sold out
Reddit is a second home to many cryptocurrency users. Two subreddits even have their own cryptocurrencies — MOONS and BRICKS. Assets are stored in Reddit’s Vault, which is an embedded digital wallet.
Some Redditors received a free collectible avatar based on their karma, community engagement, and other criteria. They could also sell these collectible avatars, and appears on their public blockchain address.
With only 40,000 NFTs released, there wasn’t much supply to meet the heavy demand that Redditors showed for the avatars. However, they may be in for some luck, as Halloween-themed NFTs could be appearing soon.
Reddit NFT collections reach top 10 on OpenSea
The popularity of Reddit’s NFTs has quickly shot up in the past few weeks, with some collections hitting OpenSea’s top 10 Polygon NFTs. In the last 30 days, The Senses x Reddit collection hit a trading volume of 224 ETH.
Meanwhile, the Foustlings x Reddit collection has also been very popular. The collection has had a trading volume of 247 ETH in the last 30 days. There are several collections available, as seen on OpenSea.