In July, Reddit jumped on the NFT train and launched an NFT-based marketplace where users can purchase blockchain-based profile pictures for a flat fee. Given the general sentiment about NFTs today, you might, like me, think the experiment didn’t work.
During a panel discussion at TechCrunch Disrupt today, Reddit Chief Product Officer Pali Bhat said that more than 3 million Reddit users have used Reddit’s Vault blockchain wallet to launch more than 3 million crypto wallets to date. revealed that it created Most of them — 2.5 million — were created to buy NFT avatars of him that could be used as profile pictures on the platform, he said.
It’s hard to put the numbers into context, given that not all NFT marketplaces are happy to share these kinds of metrics. report One of the leading platforms, OpenSea, hosted over 1 million active wallets as of January.On the other hand, crypto wallet meta mask was serving over 30 million users as of March.
Reddit partnered with about 30 artists to release about 40,000 NFT avatar designs a few months ago. It was available for purchase from the Reddit mobile app for prices ranging from $9.99 to $99.99. (All are sold out at the moment.) Any user who purchases one of his limited-edition photos will get the license rights to use it as an avatar on and off Reddit, with the built-in avatar creation tool.
Reddit has partnered with Polygon, an Ethereum-compatible blockchain, to create avatars. (In blockchain jargon, “minting” refers to publishing a unique NFT so that it can be purchased or sold.) Vaults are used to store and manage NFTs via the Reddit app. increase.
Reddit’s latest foray into the NFT space comes after the social network I started Following Twitter, allow users to set any NFT as their profile picture. At that time, the NFT avatar was r/Collectible Avatars An invite-only subreddit.
Beyond NFTs, Reddit has branched out in different directions in recent months in search of new revenue streams.The company toyed with With the idea of introducing a video editing tool like TikTok, we made several targeted acquisitions and acquired a content moderation startup. Hotella natural language processing company meaning cloudmachine learning platform spell and contextualizing company spike trapReddit too renewed We developed a developer portal to power third-party apps and bots, and upgraded our live audio product. Reddit talkwith new detection capabilities.