31/10/2022 Reddit Launched Its Own NFT Marketplace in July. It Already Has More Users Than OpenSea and Other Major Platforms

Three million users have created Reddit Vaults—the company’s name for a blockchain wallet—since the service was created a few months ago.

Examples of Reddit Avatars. Courtesy of Reddit.

Quietly, and seemingly overnight, Reddit has become one of the biggest crypto-art marketplaces—and it did so by avoiding the acronym NFT.

Earlier this month, Reddit CPOPali Bhat revealedthat 3 million users have created Vaults—the site’s name for a blockchain wallet—since the company launched the product this summer. Of those, an estimated 2.5 million were set up to purchase Reddit’s own Avatars—the site’s name for profile picture-style NFTS—he explained.

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That means that Reddit, which just formally entered the crypto-collectible space this summer, already has more users than OpenSea, one of the most established NFT platforms, has active accounts.

It’s an impressive feat, especially considering the dramatic depreciation of cryptocurrency and blockchain collectibles in 2022. (Last month,Bloomberg reportedthat trading volumes in NFTS have plummeted 97% from a record high in January.) And it’s one that other major social media platforms are surely monitoring with slavering mouths. Meta, the company that owns Facebook and Instagram, isconsidering launching its own marketplace, too.

A caveat comes attached to Reddit’s achievement, however. In August, the company dumped free Avatars into the vaults of high-profile Redditors—a not-so-subtle ploy meant to encourage the website’s users to open new accounts.

Reddit unveiled its marketplace in July of this year. It was marketed as a kind of populist platform, targeting crypto-curious audiences who otherwise felt a barrier to entry into the world. Instead of NFTs, the company offered Avatars (the original collection was based on variations of Reddit’s logo); instead of wallets, Vaults. Collectibles were priced at low, fixed rates—$9.99, $24.99, $49.99, etc.—and could be purchased via credit card.

The company established the new service on Polygon, an Ethereum-compatible blockchain chosen for “its low cost transactions and sustainability commitments,” pera recent press release.

To date, cumulative sales of Reddit Avatars have topped $6.5 million, according to information fromDune analytics.

Arts

https://news.artnet.com/market/reddit-launched-its-own-nft-marketplace-in-july-it-already-has-more-users-than-opensea-and-other-major-platforms-2199244

Interesting NFTs
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By OthersideDeployer
Dairygold
Aloha! I'm Dairygold. I'm often referred to as the Lisa Simpson of the group. It's not common knowledge, but my ancestry connects me to Nelson Mandela. Our friendship will be preposterous, despicable, and full of cantaloupe.
HUMAN ONE
be careful where you step.
The Scion
A young figure caught in a moment of distraction, aware only ephemerally of his unconscious being, as it engages in psychological and psychedelic layer spaces. His right arm casually cradles a moray eel; the figure is comfortable but not truly aware of the potentials for danger in such negligence. His shirt reads “Bello” in Pokemon style font, harkening back to a childhood straddling the millennial threshold. To his right side, out of the unconscious deep, shrouded alien heads propagate as a fractal totem, each new iteration a more sophisticated rendering of emotional masking over the cold mystery of the greys. As the scion of the Budgie-Sattva, the young man, in his distraction, is also simultaneously aware of higher levels of self discovery. To his left a psychological topology sets beneath the oracle side of an 8 ball ,hovering; its message a purest concept of acceptance. The “Scion” lettering is in 80’s HeMan style bold declaration. The lower right side of the painting is like a hybrid of melon, feathers, and seeds. The crystals in the background bring light; conducted, refracted, reflected, and dispersed, to balance the dark shadow of the figure’s physical body. The aura of the scion succeeds in layers to point, with a finger, and the crown chakra, toward a center of a mandala existing as nigh pure application of strokes, in essence painterly abstraction, but also revealing hints of the Aura of migraine, and the bi-hemispherical nature of the brain–noting concerns of the possibility of inherited mental disease. Yet the flourish of chakra as it sets against that center is robust, active, coherent, and reveling against all fear. Fundamentally, the piece speaks to the activation of one’s potential to begin to “Know Thyself”, and find greater awareness out of the enigmas of the mind–as an inculcated seed given to the rich soil of one’s own birthright.
No Favour (cold) #17/25
No Favour for you. Cold variation.