Reddit’s Collectible Avatar NFTs Spark Creation of 3 Million Crypto Wallets

Reddit's specific approach to launching Collectible Avatars to their userbase has created millions of new crypto wallets and a positive signal for the overall NFT space.

Reddit’s Collectible Avatar NFTs Spark Creation of 3 Million Crypto Wallets

In June 2021, Reddit launched their first NFTs based on their mascot Snoo. In July 2022, Reddit launched an NFT marketplace selling collectible avatars, again based on Snoo, that were created in collaboration with different artists and could be used by users as their Reddit profile pictures. In August 2022, certain Reddit users were airdropped these collectible avatars based on their Reddit karma level and by October this year, 3 Million Reddit users had created three crypto wallets to own pieces from this NFT collection.

The NFTs come in a variety of themes, colors and outfits and all of them feature Snoo, the Reddit mascot. Critically, they are not referred to explicitly referred to as NFTs in Reddit’s marketing material, which the company has publicly stated as a way to make the concept of NFTs more palatable for their userbase. Users could also buy the collectible digital avatars using fiat, so they did not first need a crypto wallet in order to make a purchase.

This is a massive positive sign for the NFT market amidst what many consider to be a downturn. Reddit having 3 Million crypto wallets is a larger number than the crypto wallets on OpenSea, currently the leading NFT marketplace. The collectible avatars are experiencing significant trading volume on the secondary market and since Reddit has 52 Million daily active users and 430 Million monthly active users, increasing the number of owners of Reddit’s collectible avatars could develop into a huge growth opportunity for the overall NFT market.