In July, Reddit launched an NFT-based marketplace that allows users to buy and sell profile pictures. You might assume that the experiment ended badly, given the general sentiment around NFTs. Apparently, the opposite's the case.
Over three million people on the internet have used the vault to create over three million coins. He said 2.5 million of them were created to purchase NFT avatars that can be used as profile pics.
It is difficult to put the figures into context since not all NFT marketplaces share those metrics. One of the leading platforms, Open Sea, had over one million active wallets as of January, according to a recent report. MetaMask had over 30 million users as of March.
Around 40,000 NFT avatar designs were released a few months ago through a partnership with 30 artists, which could be purchased via the mobile app at a range of prices. All of them are sold out right now. Users who purchased one of the limited-edition pics got licensing rights to use it on and off of the site, and could mix and match their look using a built-in tool.
The avatars were minted through a partnership with Polygon. Minting is when you publish a unique NFT so that it can be bought or sold. It's possible to store and manage NFTs through the vault.
The social network began allowing users to set any NFT as their profile picture, following on the heels ofTwitter. The NFT avatars were only available to members of the r/CollectibleAvatars subreddit.
A number of different directions have been taken in the past few months in order to find new lines of revenue. The company made several acquisitions and toyed with the idea of moderation with the introduction of video editing tools like TikTok. Third-party apps and bots were given a boost and the live audio product was upgraded with new features.
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