Reddit Onboarded 2.5 Million New Crypto Users, Why It’s A Big Deal!
The integration of NFTs on one of the biggest social media platforms seems to have had much of a bigger impact than anyone had originally thought it would.
Earlier this year, social media platform Reddit announced the launch of its new NFT marketplace on its platform running on the Polygon blockchain. In this marketplace users would be able to buy and trade ‘digital collectible Reddit avatars’ in the form of NFTs.
With Reddit being an extremely popular platform, with more than 50 million daily users worldwide, this integration of NFTs would no doubt be able to help in exposing more of Web3 and blockchain technology to the general public.
Since these Reddit NFTs were first launched, it’s been revealed to have been a massive success. At least 2.5 million new users have been reported to have created crypto wallets through Reddits Vault blockchain wallet.
These numbers are even more impressive considering the fact that it’s considerably more than the number of crypto wallets on the biggest NFT marketplace in the world, OpenSea, which only has a recorded 2.3 million active wallets.
reddit vs. opensea total NFT wallets
fucking wild lol pic.twitter.com/kos5vTOShp
— DANIEL GOT HITS (@danielgothits) October 24, 2022
Bullish For NFTs!
One of the reasons why news of these new crypto wallets being made from Reddit NFTs have been causing so much buzz and excitement within the NFT community is due to the fact that many view this as a bullish sign.
While other platforms like OpenSea and Magic Eden mainly focus on marketing towards people who are already investors or people part of the NFT space, Reddit on the other hand is a platform completely open and used by the general public.
Because of this, a lot of the people buying these Reddit NFTs can also be deemed to be people who were unaware or have never shown interest in NFTs beforehand.
Why is this super bullish for us?
Reddit NFTs aren't called NFTs✅
They conveniently hide all the unnecessary details from users to make onboarding as easy as possible✅
Also, no one is talking about this on CT. This means that their user base is mostly new market entrants✅ pic.twitter.com/0WUanI3Z5v
— AltApe.eth ❁ (@AltApe_eth) October 22, 2022
This, along with the fact that almost 3 million people have already made crypto wallets within these past months thanks to Reddit, has been helping in aiding the push for the new wave of NFT adoption.