Reddit now has more NFT wallets than OpenSea

Network effects are a miraculous phenomenon, and cryptocurrencies have taken advantage of this like no other. Crypto platforms are another important part of this phenomenon, and social media platforms seem to have an edge here. Reddit now has more wallets for NFTs (Non-Fungible Tokens) then OpenSea.

Reddit more popular than OpenSea for NFTs

That appears from a conversation with Reddit’s Chief Product Officer Pali Bhat at the TechCrunch Disrupt conference. According to him, Redditors have created more than 3 million wallets. 2.5 million of these were also created to be able to buy NFT avatars on the platform, which function, among other things, as a kind of status symbol.

For comparison; OpenSea, the largest NFT trading place, currently has ‘only’ 2.3 million active wallets. That means Reddit has more active wallets than OpenSea, if the Reddit CEO’s claim is correct.

The avatars on Reddit are unfortunately (for some of us) no longer for sale, because only 40,000 were made. They were sold for 9.99 USD to 99.99 USD each. Now that they are still popular, there is a good chance that they will become a true collector’s item.

Reddit start of a major crypto trend?

Not nothing, then, to knock the largest NFT exchange off the throne as a forum platform. NFTs are pure afterthought for Reddit, but this crypto branch specifically gives OpenSea its right to exist. It indicates that companies that have made their mark outside the crypto market may well outgrow pure crypto companies.

This may be because ‘ordinary’ companies, often from the tech sector, use these types of technologies for a practical purpose. You can argue that this is less true for crypto exchanges, because a lot of activity there may still be based on hype.

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Reddit is one of the most popular websites in the United States. According to estimates it has a whopping 330 million monthly active users worldwide. So not nothing. Will other platforms follow suit with NFTs and other cryptocurrencies? Who knows, Twitter might already be considering it.

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