Redditors Create 2.5M Crypto Wallets to Buy NFT Avatars

About 2.5 million crypto wallets were created by Redditors to acquire Reddit NFT Avatars—more active wallets than OpenSea has.

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Pali Bhat, the Chief Product Officer of Reddit, recently revealed in a panel at TechCrunch Disrupt that over three million users of the social media site have used Reddit’s Vault blockchain wallet to create crypto wallets, where 2.5 million of those were created to purchase the Reddit non-fungible token (NFT) avatars.

Following this, Reddit now potentially has more active wallets than OpenSea, the largest NFT marketplace in the world, according to a recent report by Dune Analytics that states that Opensea is only hosting over one million active wallets as of January. 

Reddit’s NFT avatars were first introduced last June after it released CryptoSnoo, a collection based on the platform’s logo, Snoo. 

Then, after a month, the social media site opened its NFT marketplace to the public to prepare for the August airdrops to users with high karma across four Snoo-based collections: The Singularity, Aww Friends, Drip Squad, and Meme Team.

The NFTs were created after Reddit partnered with more or less 30 independent artists that were tasked with making 40,000 NFT avatars to be minted on the Polygon blockchain. 

And since the tokens are in OpenSea, Reddit utilized its cross-chain operability, allowing them to be bridged onto Ethereum, Klaytn, and Solana. However, to purchase a collectible, a redditor will need to use Reddit’s cryptocurrency wallet, Vault.

Accordingly, with the current popularity of Reddit NFTs, some of its collections even hit OpenSea’s top 10 Polygon NFTs. Then, last September, two NFTs from The Senses collection were sold for 4 ETH each, or approximately ₱307,000. (Read more: Reddit NFTs Sold for 4 ETH Each)

Currently, the floor price for The Singularity is 0.013 ETH (~₱1,000), Aww Friends at 0.016 ETH (~₱1,200.00), Drip Squad at 0.016 ETH, and Meme Team at 0.009 ETH (~₱709.00). Meanwhile, The Senses collection is at the floor price of 1.63 ETH (~₱128,500.00).

The Foustlings x Reddit collection has also been very popular, with a current floor price of 0.989 ETH, or approximately ₱78,000 each. The collection has had a trading volume of 247 ETH (~₱19 million) in the last 30 days.

This article is published on BitPinas: Redditors Create 2.5M Crypto Wallets to Buy NFT Avatars

Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.

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