As of last year, Reddit had approximately 50 million active users every day, and it generated $350 million in revenue. Reddit has over 3 million users who have taken to crypto and are now trying to get one of Reddit’s Collectible Avatars.
Redditors have created over 3 million Reddit Vault wallets for trading NFT avatars. These wallets are based on Reddit’s Snoo character. The series was launched in July according to Pali Bhat, chief product officer.
Bhat spoke on Tuesday at TechCrunch Disrupt San Francisco with executives from Angel List, Calendly and others. Since its 2005 launch, Reddit has become an Internet powerhouse. According to Reddit, the site has approximately 50 million active users per day and generated $350 million revenue in 2013.
Reddit is not the first site to allow NFTs in profile pictures (also known PFPs), however it has been a highly-received launch.
Reddit’s NFT success demonstrates that there is still a demand for JPEGs.
Twitter launched NFT profile photos in January to its Twitter Blue subscribers. This drew a lot of criticism. Meta Platforms enabled NFTs for Facebook and Instagram users but has struggled to overcome growing pains — like staged leg—-with its metaverse rollout.
Reddit’s Web3 Onboarding was contrasted to a Trojan House, which will bring NFTs into mainstream adoption by at most one person on Tweet.
It is also one of many blockchain-based features that Reddit has launched this year.
After publishing the profile photo NFT collection in July the site gave away free Polygon NFTs for power users who had earned a high level of Karma points, which are points that were awarded for contributions to the site’s communities in August.
The company also announced the use of Arbitrum Nova to speed up its Ethereum-based Community Points.
Reddit cofounder Alexis Ohanian left the company in 2018. He has been raising funds for a crypto-focused fund at Seven Seven Six Venture Capital.
According to CrunchBase, the firm has managed more than $750 millions since its launch in 2020.