Home » Reddit’s New NFT Marketplace Already Has More Users Than OpenSea and Other Major Platforms

Reddit’s New NFT Marketplace Already Has More Users Than OpenSea and Other Major Platforms

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Reddit is pushing NFT. (Photo illustration by Pavlo Gonchar/SOPA Images/LightRocket by Getty Images)

Reddit’s non-fungible token (NFT) platform only launched a few months ago, but has already surpassed the largest NFT marketplace in terms of active users.

A website marketplace called Vaults went live in July. Since then, over 3 million of his Reddit users have opened his Vault accounts and 2.5 million have purchased his Reddit NFTs. statement The company’s previous flagship product, the Pali Bhat, was manufactured earlier this month.

Since then, that number has grown to 2.8 million Reddit NFT owners with over $8 million in total sales. sand dunes, a blockchain analytics company. Meanwhile, OpenSea, which claims to be the largest NFT marketplace, Current 2.3 million active users on platforms Axie Marketplace and Magic Eden Have 2.1 million users each.

Reddit avoids using the term ‘NFT’

Reddit’s amazing success continues report It shows a 97% drop in NFT trading volume since January. The website has deviated significantly from using the term NFT in its new venture, instead referring to its digital images as “collectible avatars,” said Steve Huffman, co-founder and CEO of Reddit. teeth, Verge The company tries to avoid using cryptocurrency terminology that can confuse users.

Avatars that can be used as profile pictures for Reddit users range from $10 to $100 and can be purchased with credit cards instead of cryptocurrencies. Reddit chose to store them on Polygon, an Ethereum-compatible blockchain, because of its “low-cost transactions and commitment to sustainability.” press releaseIn August, the most active Reddit users on the website were: airdrop free avatar.

According to Reddit, part of Reddit’s success is in simplifying the whole concept. Position From user TheRedditAvatarWhale who claims to have spent $50,000 on Avatar.

“Reddit simplifies digital collectibles, unlike NFTs,” they wrote. “Traditional NFTs that act as barriers to entry have a steep learning curve.”

Reddit did not respond to requests for comment.

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