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Reddit Launched Its Own NFT Marketplace in July. It Already Has More Users Than OpenSea and Other Major Platforms

Quietly and overnight, Reddit has become one of the largest crypto art marketplaces.

Earlier this month, Reddit CPO Pearly Butt Revealed Three million users have created Vaults (the name of the site for blockchain wallets) since the company launched its product this summer. Of that, he explained, an estimated 2.5 million people were set up to buy his Reddit-unique Avatars (the site name for his NFTS in profile picture style).

So Reddit, which only officially entered the cryptocurrency collecting space this summer, already has more users than one of the most established NFT platforms, OpenSea, has active accounts. about it.

This is an impressive feat, especially given the dramatic drop in cryptocurrency and blockchain collectibles in 2022. (last month, reported by Bloomberg NFTS volume plummeted 97% from a record high in January. ) and is one that other major social media platforms are definitely watching. Meta, which runs Facebook and Instagram, Considering Launching Your Own Marketplacethat too.

However, Reddit’s performance is tricky. In August, the company famously dumped a free avatar into his Redditors vault. This is a not-so-slick ploy meant to encourage website users to open new accounts.

Reddit announced the Marketplace in July of this year. It was marketed as a populist platform of sorts, targeting an audience interested in cryptocurrencies who otherwise felt a barrier to entry into the world. Instead of NFTs, the company offered avatars (the original collection was based on variations of Reddit’s logo). Vault instead of wallet. Collectibles were priced at low fixed fees such as $9.99, $24.99, $49.99, and could be purchased with a credit card.

The company has established a new service on Polygon, an Ethereum-compatible blockchain chosen for its “low-cost transactions and commitment to sustainability.” Recent press releases.

According to information from , the cumulative sales of Reddit avatars to date have exceeded $6.5 million. Dune analysis.

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