Community discussion platform Reddit has achieved a milestone in the Web3 space. The website officially surpassed the world’s largest NFT marketplace, OpenSea, in terms of active NFT wallets.
According to Reddit executive Pali Bhat, eight out of ten wallets from Reddit Vault were created after the release of the avatar NFTs, adding up to 2.5 million wallets created since the drop. Over 3 million users have used Vault to create their NFT wallet since the marketplace went live.
In comparison to OpenSea’s 2.3 million digital wallets (that recorded at least one transaction), we can now say Reddit’s marketplace is at the top of the podium in wallet numbers.
The Reddit NFT marketplace, which launched in July, allows users to buy and trade NFT avatars. The avatar prices range from $9,99 to $99,99, and a total of 40,000 avatars are already sold out. However, rumors indicate that Reddit might launch a new NFT collection soon.
The collectible avatars are available to every user and don’t require cryptocurrency for purchases—users will be able to buy NFTs with their local currency (USD, Euro, or Pound) and store them in the Vault. The collectibles were free to mint for Reddit Premium users, and artists got paid royalties for each avatar sold. Reddit’s NFTs live on the Polygon network, which allows cheaper and faster transactions than Ethereum’s mainnet, where most NFTs live.
Reddit’s first rollout of NFTs came back in June 2021 with the CryptoSnoo collection based on the platform’s logo, Snoo. Today, there are four different avatar collections to choose from, Aww Friends, Meme Team, Drip Squad, and The Singularity.
In August, only a month after launching the marketplace, Reddit airdropped free NFTs to its most loyal users. The airdrop was based on karma points – scores users receive based on their contributions to Reddit communities.