Reddit’s Collectible Avatar NFTs Bring in 3M New Crypto Wallets

• The platform has 50 million users each day and made $350 million in revenue last year.
• Reddit airdropped free Polygon NFTs for achieving high karma.

At least 3 million people have joined the crypto community in a mad dash to get a Collectible Avatar NFT on Reddit. Since the introduction of the series in July, more than 3 million Reddit Vault wallets have been established so that users may purchase and sell NFT avatars based on the platform’s Snoo character, as stated by chief product officer Pali Bhat.

On Tuesday, Bhat was in San Francisco for TechCrunch Disrupt, where he spoke on a panel with Angel List and Calendly executives. Since its inception in 2005, Reddit has become an online mega site. According to the firm, it has roughly 50 million users each day and made $350 million in revenue last year.

NFTs as Profile Picture Gaining Traction

Although Reddit isn’t the first site to support NFTs as PFPs (profile photos), it has been one of the well-received debuts. It seems like there is a market for NFTs after all, as shown by Reddit’s success.

For instance, in January, Twitter introduced NFT profile photos for its Twitter Blue members, which was met with widespread backlash. Last month, Meta Platforms allowed NFTs for Instagram and Facebook users, but the company has been having trouble with the metaverse deployment due to growing pains such as staged legs.

In August, after the profile image NFT collection was released in July, the site airdropped free Polygon NFTs to power users who had achieved high karma points rewarded for contributions to the site’s communities.

The firm also stated in the same month that it will be using Arbitrum Nova, a second, quicker blockchain from the widely used Ethereum layer-2 solution Arbitrum, in order to increase the throughput of its Ethereum-based Community Points.

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