With an incredible total of 2.5 million NFT wallets now in existence, Reddit is setting a new benchmark ahead of OpenSea.
In Brief
The Reddit Vault has taken the lead, surpassing OpenSea by the total number of digital wallets created.
Since the launch of the platform's avatar NFTs, over 2.5 million wallets have been generated by users.
The Reddit platform has made significant waves in the Web3 realm by eclipsing OpenSea, the largest NFT marketplace, when it comes to active digital wallets.
According According to Reddit's executive Pali Bhat, a remarkable 80% of the wallets in Reddit Vault were established following the avatar NFTs' launch, contributing to the impressive total of 2.5 million wallets created. Furthermore, more than 3 million individuals have utilized Vault to set up their NFT wallets since the marketplace opened its doors.
When comparing the 2.3 million wallets that OpenSea has recorded with at least one transaction, we can confidently declare that Reddit’s marketplace is now leading the competition in wallet counts.
Launched in July, the Reddit NFT marketplace allows users not only to buy but also to trade NFT avatars. The price range for these avatars spans from $9.99 to $99.99, and an incredible 40,000 avatars have already sold out. There are whispers of a new NFT collection possibly in the works from Reddit.
These collectible avatars are accessible to every user, and interestingly, they do not necessitate the use of cryptocurrency for purchases. Instead, users can buy NFTs using their local currencies such as USD, Euro, or Pound, and store them in the Vault. Additionally, Reddit Premium members could mint the collectibles for free, while artists received royalties on every avatar sold. It's worth noting that Reddit's NFTs are hosted on the Polygon network, which allows for quicker and more cost-effective transactions compared to the Ethereum mainnet, where many NFTs are typically traded.
Reddit's journey into the NFT world began in June 2021 with the launch of the CryptoSnoo collection, themed around its iconic logo, Snoo. Fast forward to today, and there are now four unique avatar collections available: Aww Friends, Meme Team, Drip Squad, and The Singularity.
Just a month after launching the marketplace in August, Reddit decided to reward its most dedicated users. airdropped free NFTs The airdrop was linked to the karma points system, which represents the contributions users have made to various Reddit communities.
Stay updated on cryptocurrency distributions via our platform. Airdrops Calendar .
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