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.

Donald Trump Received $5 Million In Crypto Donations — But Not For His Election Campaign
CryptoPunks leads daily NFT sales with over US$1.39 million
Shoaib Akhtar Enters Crypto World with His Own NFT

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
Another Day In Paradise
Just as the book speaks to intelligence, the image in all its muteness speaks to the heart.
#21384
By OthersideDeployer
Okay Bulls #5400
Okay Bulls is a clean collection of 10,000 bulls building a bullish community that will transcend the internet into the real world.
Smile to Shreds, Neon Gwen
The First KayPikeFashion Mint Ever. Ever feel so joyful and were grinning so hard you felt you could split in half? That punk rebel yell of glee when you pull of a particularly refined stunt? This is the paint of dreams, fangs and neon. Hellish and hard to pull off. I was able to with this work quietly paint a sweet inner tale of childhood influences, rat fink and autobody shops. All while pretending to paint gwenom for the audience. More on that in bonus material. This is my alternate animation made specifically for crypto art collectors. It will only ever exist in this format. You get the Shiny, unused in media verified image. More on that in the bonus material. Mixed Media: Bio/Digital. Glycerin on 5'9" human skin 10-14 hours Performance art. Shot on Canon EOS RP. 16 + hours Photoshop and DaVinci Resolve. All Works are SFW. Art has been Seen on the front page of Reddit, Featured in the New York Times, Galileo.tv, and multiple other promotions including Twitch.tv, Disney Interactive, RIOT games, WB games, AMD and more! More on how this art is unique and potentially explosive in the NFT world: https://youtu.be/CXbNF2Y6srs ------------------------- The purchase of this NFT Grants the buyer unique bonus material. Physical Mail Bonus Package: A verified physical Art Print. Autographed from the artist in 12x16. Please allow a few weeks for delivery. Digital Bonus Package: This image in .mp4. An "About the Art" Video and an "From the Artist" introduction. A README.txt about the artwork with some personal notes and Links relevant to the artwork.
Metarift
∞ 2160 x 2160 px, Video (46.5 MB)