Reddit is constantly widening its feet in the crypto sectors.
Reddit is among the top ten most used websites globally.
According to the data of Dune Analytic, the trading volume of Reddit’s NFT has attained an impressive hike of around $1.5million in the past 24 hours. Earlier when Reddit announced the launch of its profile NFTs the number of crypto wallets increased.
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 Non-Fungible Tokens of Reddit are created by self-independent artists and are minted as NFTs on the Polygon blockchain.
According to some reliable media reports on 20 October 2022, 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.
Reddit is among the top ten most-used websites globally and it is also listed in the category of the top five most-used social networking websites.
Reddit users noted how NFTs were once hated. The social media platform distributes or “airdrops” avatars to select users based on unknown criteria.
Reliable data states that the daily active base of Users is around 50 million.
Earlier in August 2022, Reddit and FTX(A leading company in Crypto Industry 0 collaborated to allow 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.
In the beginning, Reddit announced the concept of Karma points depicts the amount of contribution made by the user on the platform,
An airdrop, on the other hand, 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.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2022/10/26/reddits-trading-volume-hit-a-record-high-with-nearly-3-million-wallet-holders/