Over 2.50mln Vaults Created for Purchasing Reddit NFT Avatars
Pali Bhat, the chief product officer of Reddit, has pointed out that 2.5 million wallets had been established to buy the NFT “collectible avatars” that the social content aggregation portal introduced in July. During a session at TechCrunch Disrupt, Reddit’s chief product officer Pali Bhat disclosed that more than three million Reddit users had established Vault, a blockchain wallet built by Reddit.
Techcrunch said that 2.5 million wallets were established to buy Reddit’s “collectible avatars” based on the Polygon blockchain network, which were released for priority access in July and airdropped to participants in August. The avatars are now available on secondary market OpenSea and can be utilized as profile images on the website.
Reddit’s Vault allows users to save and administer avatars, as well as community credits gained via engaging in social subreddits. Given that the 2.5 million wallets were lately operational, this exceeds the number of available wallets on prominent NFT platform OpenSea, which as of October has approximately 2.3 million registered members who have performed a minimum of one trade, as per statistics from “@rchen8” on Dunn Analytics.
In July and August, Reddit distributed 40,000 avatars with 90 unique designs produced by approximately 30 artists from the r/comics, r/procreate, and r/adobeillustrator groups. The avatars on Reddit’s NFt platform were offered at set pricing of $9.99, $24.99, $49.99, $74.99, or $99.99, and they are all presently sold out. Nevertheless, potential buyers may still acquire them on OpenSea’s marketplace.
The collector avatars garnered attention in September when The Hands #16 and The Hands #46 were sold for 4 ETH, or around $5,000 as of September 22. As per Reddit avatar data uploaded on September 25 by Reddit user “Warfared,” Fishy Foustlings #1 had the greatest recent selling price of 6 ETH ($7,969.56), while Mio Armor #1 sold for 5 ETH ($6,643.30).
Reddit debuted its initial NFT series, CryptoSnoos, in June 2022. Buyers may utilize a CryptoSnoo NFT badge as their emblem on the platform, and their opinions will display a glow effect of the CryptoSnoo avatar. Earlier n January, Reddit started trialing a distinct feature that would enable users to designate and validate possession of any NFT as their profile picture.