At least 3 million new users have turned to cryptocurrency and are scrambling for one of Reddit’s collectible avatars NFTs.
Redditors have created over 3 million Reddit Vault wallets to support the platform snoo charactersince series It was launched in July, according to chief product officer Pali Bhat.
Bhat was speaking with executives from Angel List and Calendly at a TechCrunch Disrupt panel in San Francisco on Tuesday. Reddit has grown into an internet giant since its launch in 2005. According to the company, he made $350 million in revenue last year and has about 50 million daily active users.
Reddit isn’t the first to allow NFTs as profile pictures ( PFP)but it is one of the more well-received launches.
Reddit’s NFT venture
The success of Reddit’s NFT shows that there is demand for JPEG after all.
For example, Twitter launched NFT profile pictures drew a lot of criticism against Twitter Blue subscribers in January.Metaplatform enabled NFT for Facebook and Instagram users It’s been a month and I’m still struggling to get over my growing pains. graduated legs in that metaverse rollout.
vice versa, Reddit’s Web3 onboarding has been compared to a Trojan house where at least one person adopts NFTs into the mainstream. twitter.
This is also one of the blockchain-based features launched on Reddit this year.
After the profile photo NFT collection is released in Julysite Free airdropped polygon NFTs Power users who earned particularly high levels of karma were given points awarded in August for their contributions to the site’s community.
In the same month, the company announced the start of use. Arbitrum Novathe second faster blockchain from the popular blockchain ethereum Layer 2 solution Arbitrum scales Ethereum-based community points.
Meanwhile, Reddit co-founder Alexis Ohanian, who left the company in 2018, said: Fundraising for a crypto-focused fund at his venture capital firm, Seven Seven Six.
The company has managed more than $750 million since its launch in 2020, according to the company. CrunchBase.
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