Nearly Three Million Users Have Purchased Reddit’s NFT Avatars Using Its Vault Blockchain Wallet

Reddit chief product officer Pali Bhat said that 2.5 million wallets have been created to purchase the NFT “collectible avatars” the social news aggregation site released in July.
Image source: Reddit

Quick take:

  • Reddit launched its collectible avatars on its own NFT marketplace in July.
  • Over three million Redditors have created the Vault blockchain wallet on the site.
  • Most of these wallets were used to purchase Reddit’s NFT avatars.

Reddit’s chief product officer Pali Bhat revealed during a panel at TechCrunch Disrupt that over three million users on the social news aggregation site have created Vault, a blockchain wallet developed by Reddit.

Techcrunch reported that out of the three million wallets, 2.5 million were created to purchase Reddit’s “collectible avatars” built on the Polygon network, which were launched in July for early access and airdropped to users in August. The avatars can be used as profile pictures on the site and are now listed on OpenSea.

Users can store and manage the avatars in Reddit’s Vault, which also stores community points earned from participation in various subreddits.

Assuming that the 2.5 million wallets were recently active, this number surpasses the number of active wallets on leading NFT marketplace OpenSea, which – as of this month – has about 2.3 million registered users who have made at least one transaction, according to data by “@rchen8” on Dune Analytics.

Reddit released 40,000 avatars of 90 different designs created by about 30 artists in the r/comics, r/procreate, and r/adobeillustrator communities in July and August. Prices of the avatars on Reddit’s marketplace sold at fixed prices of $9.99, $24.99, $49.99, $74.99, or $99.99, and are currently all sold out. However, those interested can still purchase them on the secondary market on OpenSea.

Last month, the collectible avatars raised eyebrows as The Hands #16 and The Hands #46 sold 4 ETH or roughly $5,000 each, as of Sep 22. According to Reddit avatar statistics posted by Redditor “Warfared” on Sep 25, Fishy Foustlings #1 had the highest last sale price of 6 ETH ($7,969.56) while Mio Armor #1 sold for 5 ETH ($6,641.30).

Reddit made its first foray into NFT with the launch of its first NFT collection, CryptoSnoos, last June. Buyers can use a CryptoSnoo NFT card as their avatar on the site and their comments will feature the CryptoSnoo avatar with a glow animation.

In January this year, Reddit began testing a new feature that would allow users to set any NFT as their avatar and verify its ownership.

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