More than three million people have signed up for cryptocurrency services, trying to get their hands on one of Reddit’s collectible avatars.
Since the launch of the first season of ‘The Subreddit’, fans have created more than three million Reddit Vault accounts to purchase and trade NFTs (Non-Fungible Tokens) based on the Snoo character from the show.
According to data from Polygon and Dune Analytics the trading volumes of Reddit NFTs has surpassed $1.5 million during the last 24 hour period.The rise represents over one-thirds of the collection’scumulative trading volumes of $4.1million since its release.At the same timethey also saw an all-new record for daily sales of 3,780 digital items. – Cointelegraph
Reddit isn’t the only social media platform to embrace NFTs as profile photos. However, it’s one of the most popular ones.
For example, Twitter launched NFT profile pictures for its Twitter Blue subscribers in January, which drew a ton of attention from the crypto community. However, Meta Platforms allowed NFTs for Facebook users last month but has struggled to overcome growing pain — like fake legs — with its metaverse rollout.
It’s also one among several blockchain-related features that have launched on reddit this year.
After launching the Polygon NFTs in July, the website released some free NFTs to power up community members who had gained a certain number of points from their contributions to the website’s communities in August.
The same day, the company announced that they were going to use Arbitrum Nova, a new version of their popular Ethereum-layer 2 protocol Arbitrum, to speed up their community points system.
On Reddit, aviators are minted as nonfungible tokens (NFTs) on the Polygon blockchain, which can be purchased from the company’s own crypto wallet. They can then serve as profiles for users who post their creations on the site.