Reddit Launched Its Own NFT Marketplace in July. It Already Has More Users Than OpenSea and Other Major Platforms
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Quietly, and seemingly in a single day, Reddit has change into one of many largest crypto-art marketplaces—and it did so by avoiding the acronym NFT.
Earlier this month, Reddit CPO Pali Bhat revealed that 3 million customers have created Vaults—the location’s identify for a blockchain pockets—because the firm launched the product this summer season. Of these, an estimated 2.5 million have been set as much as buy Reddit’s personal Avatars—the location’s identify for profile picture-style NFTS—he defined.
That implies that Reddit, which simply formally entered the crypto-collectible house this summer season, already has extra customers than OpenSea, probably the most established NFT platforms, has lively accounts.
It’s a formidable feat, particularly contemplating the dramatic depreciation of cryptocurrency and blockchain collectibles in 2022. (Final month, Bloomberg reported that buying and selling volumes in NFTS have plummeted 97% from a report excessive in January.) And it’s one which different main social media platforms are absolutely monitoring with slavering mouths. Meta, the corporate that owns Fb and Instagram, is considering launching its own marketplace, too.
A caveat comes connected to Reddit’s achievement, nevertheless. In August, the corporate dumped free Avatars into the vaults of high-profile Redditors—a not-so-subtle ploy meant to encourage the web site’s customers to open new accounts.
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