In July, Reddit joined the non fungible token (NFT) bandwagon after launching a marketplace that enables users to purchase blockchain-based pictures for a fixed price. Users are now responding massively to the development. More than 3 million new users are scrambling to own one of Reddit’s Collectible Avatar NFTs.
Reddit created 2.5 million NFTs for users who are buying them to be used as their profile pics. The avatars are based on Reddit’s Snoo character, says Pali Bhat, Chief Product Officer of Reddit.
Reddit Now Sees 50 Million Active Users Daily
While speaking at the TechCrunch Disrupt panel in San Francisco, Bhat said Reddit has metamorphosed into an internet giant since it came on board in 2005. The company says it has been reporting 50 million daily active users. Reddit also noted that it generated $350 million in revenue last year. The platform has also launched other blockchain-based features on its platform this year.
Reddit is not the firm that will enable users to use NFTs as their profile picture. However, it has received massive attention from users compared to other companies.
For example, Twitter announced the launch of its NFT profile pictures in January, targeting its Blue subscribers. But it was not widely received by users. Last month, Meta Platforms allowed Instagram and Facebook users to share their NFT collectibles, but the new features have not properly taken off.
The Onboarding Is Likened To A Trojan House
Reddit’s Web3 onboarding has received unexpected attention as many users are rushing to become part of the NFT project.
A user tweeted that the onboarding can be likened to a Trojan House that will introduce NFTs into mainstream adoption.
After the launch of the NFT collection in July, users with high levels of karma received airdrops of free Polygon NFTs in August. Karmas are points awarded to users who have contributed immensely to the platform’s communities.
In the same month, Reddit said it will start using Arbitrum Nova, which is a faster alternative to the popular Ethereum layer-2 solution.
In another development, Alexis Ohanian, Reddit’s co-founder, who left the firm in 2018, has announced funding for a new startup, Seven Seven Six.
Since its launch in 2018, the company has been managing over $750 million, but now wants to increase its operations and reach.
