Reddit Has Onboarded 8M+ Users to Its Wallet and Plans for Millions More

Investing

Published: July 20, 2023 10:15 pm

Mirela Spasova, a lead engineer at Reddit’s Collectible Avatars initiative, said that the company’s focus on enhancing user experience has led to the onboarding of millions of users to its blockchain digital collectibles. Reddit’s avatars are kept on-chain, allowing for greater freedom of use and the option to resell the assets on other marketplaces.

How Reddit Focused on Making Collectibles User-Friendly

Reddit senior engineer Mirela Spasova spoke at length at the Ethereum Community Conference (EthCC) event about the social media company’s plan to onboard millions of users to its blockchain-based digital collectibles. The engineering leader said that the company’s user experience strategies used for Reddit’s Collectible Avatars resulted in more than 8 million users onboarding to wallets so far.

During the speech, Spasova also explained how the company used the on-chain approach with Collectible Avatars to increase users’ freedom of use. By keeping the assets on-chain, Reddit users can make various choices, such as reselling the avatars on popular NFT exchanges like OpenSea.

Further, Reddit also developed a non-custodial wallet known as Reddit Vault – which allows for a 30-second onboarding. Further, the developers launched fiat payment options for Web and iOS users, ensuring they can receive their avatars instantly upon buying.

Reddit Launched Collectibles to Enable User Content Monetization

Reddit’s foray into NFTs and collectibles started in 2022 when the company introduced a blockchain-powered collectible avatar featuring an NFT minted on the Polygon network. According to Spasova, the primary objective of the move was to spur widespread adoption and help creators monetize their digital collections. To achieve this, the social media platform focused on creating the best possible user experience while reducing friction and delivering an integrated experience.

The move came roughly two years after Reddit introduced community points to the platform – digital tokens that users can win for participating in specific subreddits. In other words, these tokens recognize and reward users for their engagement on the platform.

The most popular tokens are Moons and Bricks, representing Reddit’s effort to provide users with actual monetary value for their contributions. Earlier this week, the value of Moons skyrocketed after Reddit unveiled terms of service (ToS) changes that allow collectible avatars and community points to be sold.

This article originally appeared on The Tokenist

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