Reddit has been coming up with new features and taking on millions of new users to Web 3 thanks to its digital collectibles or profile pictures (PFPs). The platform’s NFT avatars and growing marketplace, over the past few days, have been catching the attention of non-native Web3 users.
Ever since the RedditFloor marketplace launched and dropped its own avatars in July, nearly three million new wallets have been opened, and users have minted more than 86,000 non-fungible tokens. The daily volume surged on Sunday from $1 million to $2 million in less than 24 hours. Its competitors – like OpenSea has 2.3 million users, Magic Eden has 1.2 million, and LooksRare has 107,000 users, as per data from DappRadar.
According to punk9059 the director of research at Proof Collective highlighted that Reddit avatars saw a much trading volume of around 1,900 Ether on October 24, as all the ETH NFT volume on Blur, LooksRare, x2y2, and LarvaLabs, as well as SudoSwap marketplaces. This is quite comparable to 1,901 ETH worth around $2.5 million in sales of Azuki NFTs representing gold-plated skateboards over the same weekend.
Reddit stands out as its marketplace allows users to create wallets and mint, and customize NFTs directly in-app. The platform sold NFTs as digital collectibles or collectible avatars without the use of crypto lingo, in particular, the term “NFT”. Reddit users can display digital collectibles as profile pictures when users create content. Users pay for the NFTs with credit or debit cards instead of coins or tokens and eventually store the assets in Reddit’s Vault wallet. This strategy likely attracted non-crypto native users who don’t realize they are using blockchain technology or who may have been deterred by complicated crypto language in the past.
Reddit’s NFT collection features around 40,000 limited-edition digital collectibles designed by Reddit artists.