Reddit platform overtakes OpenSea marketplace by the number of NFT wallets

The Reddit platform, which combines the functions of a news and entertainment service, online media, and social networks, has overtaken the OpenSea marketplace in terms of the number of active NFT wallets. As it became known at the TechCrunch Disrupt conference, Reddit has 3 million wallets, while the largest NFT marketplace has only 2.3 million.

According to OpenSea fans, most NFT wallets on Reddit are created only to gain access to NFT assets. The platform launched this functionality in early July, allowing users to buy images for their profiles using fiat funds. After purchasing an NFT avatar, each user receives ownership of his or her own non-fungible token and can use it on other platforms. All tokens have fixed prices: $ 9.99, $ 24.99, $ 49.99, $ 74.99, and $ 99.99. Currently, avatar purchases are no longer available, as all 40,000 NFTs have already been sold out due to the great excitement. However, a new collection of non-fungible tokens dedicated to Halloween will soon appear on Reddit.

As for OpenSea, the world’s largest marketplace, it has recently become known that it has changed its fight against stolen NFTs — users are allowed to resell stolen non-fungible tokens if the marketplace does not receive a report from law enforcement. Most users obviously did not like this idea. If law enforcement agencies do not respond to the resale of stolen NFTs within seven days after they are posted, NFT holders have the right to trade them. In this way, OpenSea representatives plan to combat fake complaints of theft.

Earlier, OpenSea was criticized for its slow response in cases where stolen NFTs were sold on the platform. After all, fraud and theft have become commonplace in the crypto community. Thus, former OpenSea employee Nate Chastain was arrested in early June.