Image source: Yahoo Finance

In 2021, Reddit generated a revenue of $350 million, and the platform has over 50 million daily active users.

Amid the good news, nearly 3 million new users have gotten into crypto and are eager to get one of Reddit’s collectible avatar NFTs.

The avatars

According to chief product officer Pali Bhat, Redditors have created more than 3 million Reddit Vault wallets in hopes of buying and trading NFT avatars.

The NFT series launched in July, and the avatars are based on the character of Snoo from Reddit.

Earlier this week, Bhat spoke to a panel at TechCrunch Disrupt in San Francisco with executives from Angel List and Calendly.

Reddit & NFTs

Since its launch in 2005, Reddit has grown into one of the largest online platforms.

Last year, with a turnover of $350 million, the platform continued to host more than 50 million users daily.

While Reddit isn’t the first to allow NFTs to be used as profile pictures, the platform was one of the friendliest when it launched.

The reception was more favorable than other platforms, such as Twitter.

When it launched NFT Profile Pictures, several Twitter users criticized the decision.

Meanwhile, Meta platforms like Facebook and Instagram rolled out similar features in September.

However, it struggled to resolve issues such as Metaverse deployment.

Rewards

Following the release of the NFT Collection in July, Reddit sent free Polygon NFTs to power users.

Among the chosen few are users who earned a high level of Karma Points, awarded for their contributions to Reddit communities.

In July, Reddit announced that it would use Arbitrum Nova, a faster blockchain from the popular Ethereum Layer 2 Arbitrum solution, to scale Ethereum-based Community Points.

Other notes

While Reddit co-founder Alexis Ohanian left the company in 2018, he was raising money for a crypto-focused fund at his venture capital firm Seven Seven Six.

According to CrunchBase, the company has managed over $750 million since its inception in 2020.

Reference:

Reddit users created 3 million crypto wallets to scoop up Polygon NFTs