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pali bhat – RE3W.IO https://re3w.io Web 3 Gaming News Tue, 25 Oct 2022 01:11:39 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.4 https://re3w.io/wp-content/uploads/2022/06/cropped-6257123555f2839a6f5124cd_re3w-p-500-32x32.png pali bhat – RE3W.IO https://re3w.io 32 32 Over 3 Million Users Opened Crypto Wallets on Reddit To Purchase Its Collectible Avatar NFTs https://re3w.io/2022/10/25/over-3-million-users-opened-crypto-wallets-on-reddit-to-purchase-its-collectible-avatar-nfts/ https://re3w.io/2022/10/25/over-3-million-users-opened-crypto-wallets-on-reddit-to-purchase-its-collectible-avatar-nfts/#respond Tue, 25 Oct 2022 01:11:37 +0000 https://re3w.io/?p=1906 About two years ago, Reddit launched a new Avatar Builder, allowing individuals to generate and customize their own personal avatar – a new way to display identity on Reddit. Shortly after, they made accessories, outfits, and hairstyles available to allow for more individual expression. They also brought “Redditor”s custom avatars in collaboration with partners like Netflix, Riot Games, and the Australian Football League (AFL).

Reddit announced on Twitter back in August the launch of a Polygon-based series of “Collectible Avatars” for users. The Collectible Avatars are backed by blockchain technology, giving purchasers rights to use the art on and off Reddit. 

The avatars can be stored and managed on Reddit’s own blockchain wallet, Vault, which is currently used to earn blockchain-based community points and spend them on in-app features such as badges. The company said customers do not need an existing crypto wallet to purchase these non-fungible tokens (NFT) but can use credit or debit cards to buy the assets.

Chief product officer, Pali Bhat, stated that over three million users have opened crypto wallets to purchase one of Reddit’s Collectible Avatar NFTs. Based on the current figures, Reddit potentially has more active wallets than OpenSea – with 2.3 million active wallets.

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