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- An impressive hike is seen in the number of Reddit crypto wallets after the successful launch of the NFT marketplace.
Reddit users seem to promote the usage of Non-fungible tokens(NFTs).
Since Reddit launched its NFT marketplace in July, social media users have opened more than 2.5 million crypto wallets on the platform.
Reddit claims that it has approximately 50 million daily active users base, so in the last financial year, it earned around $350 million in revenue. Hence its entry into Web3 could generate more revenue on the social platform.
The social network’s NFT marketplace needs users to create a Reddit Vault wallet to purchase and hold tokens. The wallet lets users govern community points kept on-chain that can be utilized for different in-app buys.
The preparation of launching NFT was in process from June 2021.
The total number of NFT wallets is around 3 million, which mirrors the adoption of PFP NFTs and the huge number of new users who have joined the platform in the last three months.
Recently, Reddit announced they would release a Snoo-based series of NFT characters. But the twist came when they declared that they would offer a bunch of NFTs from the collection to its top users.
An NFT is a blockchain token that denotes ownership of an asset, such as art, collectibles, video game goods, and avatar character images. On the other hand, an airdrop is a method by which tokens are distributed to particular cryptocurrency wallets, generally as a reward for utilizing a particular protocol, owning an NFT, or meeting other predetermined conditions.
Before this, Reddit had posted a small number of Ethereum-based CryptoSnoos NFTs and advertised them under the NFT moniker.
Reddit users noted how NFTs were once hated. The social media platform distributes or “airdrops” avatars to select users based on unknown criteria. Reddit has an active community called ‘Cryptocurrency,’ created in 2013. Users were amazed at the demand for the avatars and started ‘discussions.’
Some reliable data from a survey conducted in the first quarter of 2022 mirrors that Reddit is among the top ten most visited websites globally and is ranked nine in the list. It is ranked the sixth most used website in the United States.
The company is working hard to expand its use cases and interference in the crypto sector.
Earlier in August, TheCoinRepublic reported that the social media giant agreed that a partnership with FTX allows users to pay gas fees on a transaction using community points.
The collaboration will also provide Reddit users to buy ether(ETH) directly on the application to pay network fees on a different blockchain.
Now it users can also earn Community Points, an ERC-20 token designed on Arbitrum Nova blockchain for their content, and engagement points serve as a measure of their reputation online.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
