The social network Reddit claims to have drawn 3 million new members to Web3 because of its assortment of non-fungible tokens (NFTs) that may be used as avatars. That number of distinct wallets exceeds that of the Opensea platform. If yes, how can this be done? Are these figures verified? We will walk you through everything.
More wallets are on Reddit than Opensea.
The prospect of purchasing your profile image in the form of a non-fungible token was introduced in July by the community network Reddit, which had previously been providing the ability to create your own avatar for two years (NFT). Few anticipated this implementation’s success given the state of the market at the time.
Nevertheless, Pali Bhat, a top Reddit administrator, said that the social media platform has helped over 3 million users build Vault digital wallets. 2.5 million of them would have done this in order to create an avatar and use it as their profile photo.
To put this data into perspective, there are about 2.3 million users of the Opensea NFTs marketplace. According to statistics from Dune Analytics, Magic Eden, the primary rival on Solana (SOL), lists 1.17 million whereas LooksRare has little over 100,000.
In other words, if Pali Bhat’s claims are accurate, Reddit would now have a larger number of NFT portfolios than Opensea, the industry’s primary marketplace. For your knowledge, Reddit receives over 52 million daily connections and close to 430 million at least once a month.
How did Reddit manage to do it?
Reddit has partnered with over thirty artists to create a collection of 44,000 NFTs that symbolize distinctive avatars in order to go on this quest. These, which are all already sold, were offered for sale on the smartphone application for a price ranging from 10 to 100 euros.
The collection is specifically built on Polygon (MATIC), one of Ethereum’s primary second layer solutions (ETH). All user transaction expenses were taken paid of by Reddit, which made the mint process as seamless as possible.
The actual masterstroke of Reddit was exactly to never use the phrases NFT, cryptocurrency, or even blockchain. Users only needed to create a “Reddit Vault” (a.k.a. digital wallet), save the 12-word passcode, and presto—avatars were theirs.
With these 44,000 NFTs, we are still a long way from the 3 million stated wallets. Reddit did not stop there, in fact. Due to the initial collection’s notable success, the platform made the decision to airdrop 4 collections, each holding at least 300,000 NFTs.
The initial batch of 44,593 NFTs contains exactly 16,917 unique holders, according to data from Dune Analytics. The 4 new collections contain 2,650,717 NFTs altogether, as well as 2,642,162 different holders.