Reddit Users Open 2.5 Million Crypto Wallets After Launch of NFT Marketplace

It appears that Reddit users are favoriting non-fungible coins (NFT).

Since Reddit's NFT marketplace was made available to users in July, more than 2.5 million cryptocurrency wallets have been opened on the social network.

Reddit asserts that it has 50 million active users per day and generated over $350 million in revenue last year, thus its entry into Web3 may increase the social platform's income.

To buy and store tokens on the social network's NFT marketplace, users must first create a Reddit Vault Wallet. Users can manage community points that are kept on-chain and utilized for a variety of in-app purchases through the wallet.

Since the original release of CryptoSnoo in June 2021, an NFT collection based on the platform's logo, Snoo, Reddit has been planning to roll out NFTs. In order to prepare for its August airdrops to users with high karma across four Snoo-based collections, Reddit launched its NFT marketplace to the general public in July.

Given that there are approximately 3 million wallets overall, it is obvious that the desire to acquire these PFP NFTs is what is driving adoption as the great bulk of new users have joined in the last three months.

The lowest floor price for its collections The Singularity, Aww Friends, Drip Squad, and Meme Team is 0.01 ETH, or around $13.