3 million users opened Reddit Vault wallets since launch of its NFT marketplace

3 million users have opened Reddit Vault wallets since Reddit launched its NFT marketplace in July this year to buy and trade NFT avatars, according to chief product officer Pali Bhat.

He also said that 2.5 million of those wallets were used to purchase Reddit NFT avatars.

Reddit’s foray into the NFT space began when it partnered with around 30 artists to roll out 40,000 CryptoSnoo in June 2021, which is based on the platform’s Snoo logo character. These NFTs were minted on Polygon, can be used as profile pictures on the platform and users can mix and match their avatar’s appearance using a built0in avatar builder tool. 

The NFTs are then stored in Reddit’s Vault, which is an embedded digital wallet. 

The prices for the NFT avatars range from US$ 9.99 to US$ 99.9 each and are currently sold out. However, some of them are still listed on OpenSea and available for purchase.

Meanwhile, OpenSea only has 2.3 million active wallets, which indicates Reddit has potentially surpassed OpenSea in popularity. 

Photo: Reddit