A Rookie Knocks Reddit’s NFT Marketplace Out of the Park – Yahoo Finance
Although Pali Bhat impressed Reddit CEO Steve Huffman during interviews to become the company’s first chief product officer last year, Huffman told Fast Company that he had been concerned that Pali hadn't worked on something like Reddit before. Reddit described the new CPO role in part as leading and facilitating the creation of tools and features that bring community and a sense of belonging to Reddit, and Google, where Pali was former vice president of product and design at Google Cloud, was a different kind of consumer internet.
Bhat’s experience was with developer tools at Google, and Reddit is a community of niche communities, called subreddits, that focus on narrowly but deeply on hundreds of thousands of topics.
Bhat was hired anyway and already has proven he gets Reddit pretty well.
Read more: Presenting CoinDesk's Most Influential 2022
In October, less than a year after he took the job, Bhat announced that 2.5 million users have opened Reddit Vault Wallets since July, when Reddit launched its non-fungible token (NFT) marketplace. Meanwhile, the leading NFT marketplace, four-year-old OpenSea, has about 2.3 million users in total.
It is a big victory for Reddit. In late October, Spooky Season, created by Reddit user poieeeyee as a part of the Collectible Avatars Creator Program, had a trading volume of 538 ether (ETH) over several hours, just behind the blue chip NFT collection Bored Ape Yacht Club at 642 ETH at that time. Reddit NFTs have brought in over $11 million to date, according to data from blockchain data platform Dune Analytics.
Reddit’s NFT success is even more remarkable given that it has taken place during crypto winter. The NFT market overall has dropped 97% in total sales volume from its January 2022 peak. Reddit's success highlights the potential for NFTs, outperforming NFT initiatives from social media platforms like Twitter and Instagram, according to a report by Coinbase.
Now that Bhat has proven spectacularly that he can get Redditors over the first hurdle of buying and selling NFTs by opening wallets, he faces the same challenge as other NFT marketplaces: keeping them engaged, and buying.
Yuga Labs has grown beyond the wild success of its Bored Ape Yacht Club collection to become an NFT powerhouse with a $4 billion valuation and big plans in the metaverse. That’s why Wylie Aronow, Greg Solano and Nicole Muniz are three of CoinDesk’s Most Influential 2022.
Following his breakout year as an NFT artist, this 19-year old sold a generative art collection of "paint drop" NFTs for $20 million. That’s why FEWOCiOUS is one of CoinDesk’s Most Influential 2022.
The total value locked on the Solana network reached billions of dollars, based in part on sham protocols by two brothers working under multiple aliases. For showing how divorced TVL can be from the truth, Ian and Dylan Macalinao share a spot on CoinDesk’s Most Influential 2022.
The chief bankruptcy judge of the Southern District of New York is learning on the job how crypto complicates bankruptcy law. He already has his hands full with Celsius Network, but his caseload could get even bigger in 2023. That’s why Martin Glenn is one of CoinDesk’s Most Influential 2022.
This pseudonymous Twitter sleuth’s viral exposés of on-chain fraud and wrongdoing helped lead French authorities to arrest a crime ring that stole $2.5 million in Bored Ape Yacht Club NFTs. That’s why ZachXBT is one of CoinDesk’s Most Influential 2022.
The 26-year-old president of Jump Crypto heads a DeFi juggernaut that’s building key infrastructure and cross-chain bridges, and investing in layer1 blockchains. For running on all cylinders in a year of crypto reckoning, Kanav Kariya is one of CoinDesk’s Most Influential 2022.
Many investors are still learning about the various metrics that can be useful when analysing a stock. This article is…
Profile on rosary makers group at Queen of Heaven Catholic Church in Green
This year alone, Nike, Starbucks, Reddit and many other consumer-focused brands have chosen to partner with Polygon Studios to create their Web3 experiences. That’s why Polygon Studios CEO Ryan Wyatt is one of CoinDesk’s Most Influential 2022.
The 31-year-old CEO of FTX shocked the world when his $40 billion crypto empire collapsed last month, with billions in customer assets still unaccounted. For putting the hyphens in crypto-savior-turned-corporate-fraudster, Sam Bankman-Fried is one of CoinDesk’s Most Influential 2022.
Even as U.S. lawmakers target TikTok, the social media app is morphing into a global giant with tentacles that reach far into the turf of Google, Facebook, Snap and others.
Kanye West, now known as Ye, has resurfaced on social media after he was suspended from Twitter for “inciting violence” following more antisemitic messages. The rapper and presidential hopeful posted a new message on Instagram where he alleges Elon Musk is a clone and also mentions former president Barack Obama. “Am I the only one […]
Venture capitalist Chamath Palihapitiya said reporters did not do their job in investigating FTX founder Sam Bankman-Fried before its collapse on a recent episode of the All-In podcast, whilst some of his other podcast hosts disagreed, saying it was also a failure of regulators and FTX’s VC investors.
During a Twitter Spaces conversation on Saturday, Elon Musk told listeners Apple had "fully resumed" advertising on Twitter.
Instant ejection.View Entire Post ›
Whether it be a saucy, bikini post or a goofy video with one of her industry friends, everyone on social media pauses everything to see what Jennifer Aniston has to share on Instagram. This time, she’s making sure everyone knows she’s already in the holiday spirit this year! On Dec 1, right when the first […]
Jennifer Garner flipping out over Julie Andrews… She's just like me FR.View Entire Post ›
Photo Illustration by Erin O'Flynn/The Daily Beast/GettyWith all of the news about Twitter following Elon Musk’s purchase and peculiar actions as CEO, a common question in the Twitterverse has been—“is everyone else losing followers?”Since its inception, a primary goal of Twitter has been to attract followers as yet another measure of success in the modern quantocracy. But is more always merrier?One way to answer this question is to ask not how to attract followers—but how to repel them. The eas
Ya, formerly Kanye West, openly spread antisemitism on Infowars. The spectacle handed Infowars and Alex Jones a viral moment like they had never had before.
From veggie side dishes to one-pot dinners, these were the recipes with the most clicks on Facebook in 2022. Yukon Golds are great here because they get crispy on the outside but completely creamy on the inside.
Leave a Comment
You must be logged in to post a comment.