The world of non-fungible tokens (NFTs) continues to grow and one of the biggest surprises is that Reddit now has more active NFT wallets than OpenSea, one of the biggest marketplaces for NFTs. This is partly due to the recent launch of the Reddit Vault, a collection of 40,000 avatars in the form of NFTs that sold out in minutes for between $9.99 and $99.99. Thus, it is clear that the use of NFTs on Reddit arouses a lot of curiosity.
This situation is also similar to what we see on Twitter, where users can use NFTs as their profile picture. So, NFTs are here to stay, and it will be interesting to see how they are adopted by major social media platforms in the future.
Reddit’s recent foray into the world of digital collectibles has been a resounding success, bringing millions of new users to the platform and driving significant growth in Web3 business.
Marketplace RedditFloor, which launched in July with its own line of NFT avatars, has seen overwhelming demand, with nearly 3 million new wallets opened and more than 86,000 NFTs minted to date.
The buzz around Reddit’s NFTs has been growing steadily and doesn’t seem to be stopping anytime soon. With the platform continuing to welcome new users and add new features, Reddit is poised to become a major player in the web3 world.
Thanks to digital collectibles, Reddit is well on its way to becoming a one-stop-shop for all things Web3.
The success of Reddit’s NFTs is also reflected in the market cap of all Reddit’s NFTs, which currently stands at $122 million. By comparison, OpenSea, NFT’s largest secondary market, has 2.3 million users.
One of the main reasons is that people trust established platforms like Reddit more than new ones like OpenSea. OpenSea has only recently begun to gain mainstream attention and is considered to be in its infancy.
On the other hand, Reddit has been around for over ten years and is one of the most popular websites in the world. Also, users are used to using it and trust it. From then on, it motivates more and more people to buy Reddit’s NFT avatars because their friends do too.
Overall, it’s not really surprising that Reddit’s NFT marketplace has overtaken OpenSea’s in terms of active wallets.
What is surprising is how quickly this happened. This shows how very well-established platforms like Reddit can be a real force when entering new markets like NFTs.