Around 3 million digital wallets have been created with the help of Reddit Vault. This number comprises 8 out of 10 total digital wallets made with the help of the Reddit vault. In this value proposition, Reddit has surpassed OpenSea, which is a popular NFTs marketplace. As Reddit now has 2.5 million active NFT wallets against 2.3 million wallets with OpenSea.
What is Reddit?
Reddit is an American news aggregator and community platform used to communicate and share different pieces of information amongst others, the social media and networking building company was formed in 2005 by three founders namely Steve Huffman, Aaron Swartz, and Alexis Ohanian.
The company operates mainly in content rating, and discussion platforms along with social news aggregators. The platform is a self-moderated platform where all the content is moderated by the community owners and company policies do not intervene in these moderation or similar activities on the platform.
What is NFTs?
Nfts are a type of digital asset which are non-fungible tokens, which can be sold and purchased like shares. The identical factor of NFTs is that once they are created they can not be copied or recreated and they are the only pieces like identical artistic pieces. These NFTs are made with the help of blockchain and this digital technology use makes them more technically robust and identical in structure.
All the trades and the Allred operations of the NFTs are stored in the blockchain and this helps to make it apart and non-duplicable operations. The market for NFTs got much of the attention and popularity from 2020-2021, with trade increasing to 17$ billion in 20201, from the small scale of $82 million in 2020.
These forms of investments are also considered as the source of speculative investments and often come under criticism under environmental causes of carbon foot-printing, for the use of excess energy for their use and moderation into the process.
Who is opensea?
Opensea is a New-York based non-fungible token aggregator founded in 2017. The platform provides the purchase, sale, and auction of NFTs with global operations. The company also announced the options of bulk buy and sell in their recent release with over 30+ categories in their marketplace.
As the craze of digital investments faded away with the sudden fall of cryptocurrency and other digital asset prices the online platform reduced user percentage draping by 99% by the end of august 2022. apart from NFTs, the company has been acting as a digital wallet for cryptocurrencies like Ethereum, Solana and many more.