At least 2.5 million new members have turned to cryptocurrency in an attempt to obtain one of Reddit’s Collectible Avatars NFTs.
According to Pali Bhat, chief product officer, Redditors have generated more than 3 million Reddit Vault wallets to purchase and sell NFT avatars based on the platform’s Snoo mascot since the series debuted in July.
Bhat was speaking on a panel alongside executives from Angel List and Calendly on Tuesday at TechCrunch Disrupt in San Francisco. Since its inception in 2005, Reddit has developed into an Internet behemoth. According to the firm, it produced $350 million in revenue last year and has roughly 50 million daily active users.
To purchase and store tokens on the social network’s NFT marketplace, users must first create a Reddit Vault Wallet. The wallet enables users to manage community points that are held on-chain and may be spent for a variety of in-app transactions.
Given that the overall number of wallets is about 3 million, it’s evident that the desire to hold these PFP NFTs is driving adoption – the great majority of new users have joined in the last three months.
The lowest floor price throughout its collections The Singularity, Aww Friends, Drip Squad, and Meme Team, is 0.01 ETH, or around $13.
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