When popular social media platform Reddit announced its entry into the NFT sector earlier this year, there was concern about how it would be received by its users. Now, months later, it is safe to say that Reddit’s endeavours have been a success.
Not only have its digital collectables sold out, to the point of commanding thousands of dollars on the resale market, but they have also influenced crypto wallet creation. According to Reddit’s chief product officer Pali Bhat, over 2.5 million asset wallets have been created through its Vault blockchain wallet.
According to Bhat, these wallets were created so that users could buy NFT avatars that could be used for their profile pictures on the platform. The NFT avatar collections were rolled out in mid-2022 and have proven to be a hit thus far.
All of these NFTs feature Snoo, the Reddit mascot, in a variety of themes, colours, and outfits. The response to these NFTs was so positive that Reddit even airdropped some for free to its most prolific users.
Given that Reddit has about 52 million users as of 2022 and its NFT-based success so far, we can expect this figure to increase in 2023.