In total there are 3 million users that have opened Reddit Vault crypto Wallets, 2.5 million of the new wallets have opened since Reddit’s NFT marketplace opened this summer.
Reddit claims it has 50 million daily active users and grossed over $350 million in earnings last year, so its jump into Web3 and NFTs is likely to bring even more revenue to the platform. The massive jump in crypto wallets on the platform appears to show a strong level of support for Non Fungible Tokens (NFTs).
Reddit’s new NFT marketplace requires its users to set up a Reddit Vault Wallet to buy and hold tokens. The wallet allows users to manage community points stored on-chain that can be used for various in-app purchases as well.
Reddit had previously released an NFT collection named ‘CryptoSnoo’ which was based on the social platforms logo, snoo. Reddit also airdropped NFTs to holders of the original NFTs who met particular criteria after the NFT marketplace launch helping fuel interest in the platform.