Good day everybody,
Welcome to CryptoGod-1's blog on all things crypto. Today I am going to continue on from a piece I recently wrote regarding the NFT avatars released by Reddit, and look at the NFT Marketplace Reddit has created. In a very subdued and stealthy fashion, Reddit has become a main player in the NFT space, and did it while avoiding using the somewhat detested acronym NFT.
It has been revealed by Reddit CEO, Pali Bhat, that to date over 3 millions users have created vaults using the platform. A vault is the name given to the blockchain wallet tied to Reddit, and apparently it is estimated that over 2.5 million were set up to purchase Reddit’s own Avatars, Reddit's name for their own brand of NFT.
To put this into context, since entering the NFT space over the summer Reddit already has more users than established market places such as OpenSea. Yeah, that OpenSea, the most established NFT marketplace around! According to Bloomberg trading volumes in NFTS have fallen by 97% from their record high in January 2022, so taking this into account of how much the NFT space has suffered and its an incredibly impressive feat for Reddit to have achieved in such a short space of time.
Things have gone so well for Reddit that other large social media platforms such as Meta, which owns Facebook and Instagram, are considering launching their own marketplaces also. The main fact behind this success though was that in August Reddit gave away free Avatars into the vaults of high-profile Redditor, a ploy which was done to encourage the website’s users to open new accounts.
Last July Reddit announced its marketplace, marketing it as a kind of populist platform, targeting crypto-curious audiences who otherwise felt a barrier to entry into the world. A safe heaven if you would for those who were tentative about crypto but curious to explore and engage with it. They moved away from the technical mumbo jumbo and jargon of blockchain, NFT's, and wallets, instead using Avatars and Vaults. The avatars were priced low, at a simple $9.99, $24.99, $49.99, etc and could be purchased via credit card. All this was done on the Polygon Blockchain, which unlike Ethereum, is a low cost per transaction chain.
Their success has been staggering, as to date the cumulative sales of Reddit Avatars have topped $6.5 million, according to information from Dune analytics. On top of that the Reddit avatars have been some of the top trading assets on OpenSea since their release with users making hefty profits from their initial investments. Watch this space as Reddit has seemingly overnight become one of the big players in the NFT marketspace. Innovative and creative thinking got them there, and I am sure they will have plenty more unique ideas to promote and establish themselves even further along the way.
I hope you enjoyed the read, and if you missed out on the chance to get involved with the previous Reddit Avatars, get involved on Reddit itself and keep an eye out for future releases of the next collections.
Have a great day.
Peace. CryptoGod-1.
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