October 20, 2022

Redditors Created Over 3 Mln Vault Wallets



At least three million users shifted to the crypto world using Reddit, Reddit Chief Product Officer Pali Bhat said.

Redditors created over three million Reddit Vault wallets to buy and sell NFT avatars, which are based on the platform’s Snoo character, since its initial release in July 2021, Bhat noted.

About 2.5 million users are active in buying and handling NFT avatars that can be used as profile pics on the platform.

While speaking at a panel at TechCrunch Disrupt in San Francisco, Bhat pointed out that Reddit earned $350 million as revenues last year and sees about 50 million daily active users, according to the company.

In July, Reddit collaborated with 30 independent artists to release around 40,000 NFT avatar designs to be offered for purchase on its marketplace with prices ranging from $9.99 to $99.99, all of which had been sold, according to Tech Crunch website.

Users who bought one of the limited-edition pics got licensing rights to use it on and off of Reddit as an avatar.

Reddit partnered with Polygon, a decentralized Ethereum scaling platform, to mint the avatars to create NFTs, which are being sold through Vault, which stores and manages NFTs through the Reddit app.

According to the tech website, it is hard to know the accurate number of users who have crypto wallets, as not all the NFT marketplaces share such type of figures. However, a recent report issued by Dune Analytics estimated that OpenSea, one of the prominent platforms, was hosting over one million active wallets as of January, while crypto wallet MetaMask was serving over 30 million users as of March.

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