More than 3 million users of Reddit have turned to crypto and created crypto wallets to lift Reddit’s Collectible Avatars NFTs. In July, Reddit’s Collectible Avatars NFTs series launched, and these NFTs are based on Reddit’s snoo character. According to Pali Bhat, the chief product officer of Reddit, since the series launched, Reddit users have created more than 3 million Reddit Vault wallets to buy and trade NFT avatars.
On Tuesday, 11th of October, in San Francisco, on a panel at TechCrunch Disrupt with executives from Angel List and Calendly, Bhatt spoke about this growth. Since Reddit launched in 2005, Reddit has grown into an Internet giant, as it earned $350 million in revenue last, and there are more than 50 million daily active users on its platform.
Reddit didn’t stop its users from setting NFTs as profile pictures, and it’s not the first one to do this. This launch of NFTs as profile pictures from Reddit has been more well-received.
Many social media companies have allowed NFTs as profile pictures, such as Twitter. In January, Twitter launched NFT profile pictures for its Twitter Blue subscribers, which resulted in a lot of criticism. Last month, Facebook and Instagram also allowed users to NFTs as profile pictures, but they have also been struggling with this decision. However, Reddit didn’t face any criticism, and they are not struggling with their decision instead of, they are having great NFT success.
This year, Reddit has launched several blockchain-based features, and this is one of them. After releasing the profile picture NFT collection, Reddit also airdropped free Polygon NFTs to power users. Moreover, in August, Reddit awarded points for contributions to the site’s communities.
In August, Reddit announced that it would begin using Arbitrum Nova to scale its Ethereum-based Community Points. Alexis Ohanian, the former co-founder of Reddit has been raising money for a crypto-focused fund at his firm. According to CrunchBase, Ohanian’s firm has raised more than $750 million since it launched.