Reddit Users Open 2.5 Million Crypto Wallets After Launch of NFT Marketplace

Among the total 3 million users that have opened Reddit Vault Wallets, 2.5 million have occurred since its NFT marketplace opened in July.

AccessTimeIconOct 19, 2022 at 8:32 p.m. UTC
Updated Oct 19, 2022 at 9:27 p.m. UTC

Cam Thompson is a news reporter at CoinDesk.

Reddit users appear to be upvoting non-fungible tokens (NFT).

The social network’s users have opened over 2.5 million crypto wallets on the platform since Reddit released its NFT marketplace in July.

Reddit claims it has 50 million daily active users and grossed over $350 million in earnings last year, so its foray into Web3 may bring more revenue to the social platform.

The social network’s NFT marketplace requires users to set up a Reddit Vault Wallet to purchase and store tokens. The wallet allows users to manage community points stored on-chain that can be used for various in-app purchases.

Reddit’s rollout of NFTs has been in the works since its initial release of CryptoSnoo” in June 2021, an NFT collection based on the platform’s logo, Snoo. In July, Reddit opened its NFT marketplace to the public, ahead of its August airdrops to users with high karma across four Snoo-based collections.

As the total number of wallets is roughly 3 million, it’s clear the interest in owning these PFP NFTs is driving adoption — the vast majority of new users have hopped on board in the past three months.

Across its collections The Singularity, Aww Friends, Drip Squad and Meme Team, the lowest floor price is 0.01 ETH, or about $13.

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Cam Thompson is a news reporter at CoinDesk.

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Cam Thompson is a news reporter at CoinDesk.