Reddit collectible avatars onboard nearly 10M into the NFT space

Reddit, the popular social platform, is on the verge of reaching the milestone of 10 million holders for its collectible avatars, also known as “Reddit NFTs,” approximately 11 months following its launch in July 2022.

Reddit collectible avatars onboard nearly 10M into the NFT space

Reddit, the popular social platform, is on the verge of surpassing the milestone of 10 million holders for its collectible avatars, known as “Reddit NFTs,” nearly 11 months after their launch in July 2022.

Based on data from Dune Analytics, the current count stands at a total of 9,909,465 million holders of Reddit collectible avatars. Among these, approximately 7.7 million are categorized as single collective avatar holders, denoting individuals who possess only one avatar without multiple wallets.

In July 2022, Reddit introduced a marketplace for collectible avatars on the Ethereum scaling network Polygon. These avatars, which are part of a customizable collection, have been crafted by independent artists and content creators from the Reddit community.

The number of avatar holders experienced a significant surge following the collection’s launch but reached a plateau around 3 million in November. However, there has been a remarkable growth spurt in 2023, with the number of wallets tripling over the past six months.

Since the beginning of 2023, the count of Reddit avatar holders has increased by 80%. The market capitalization of Reddit Collectible Avatars currently amounts to $38.4 million, encompassing a collection of 13.7 million NFT avatars.

Moreover, the data reveals a total of 303,033 sales with a cumulative sales volume of $32.6 million.

On May 28, Redditor “ContextMelodic4212” congratulated the platform on the achievement but commented that bot activity may be responsible for some of that growth.

Actually there are some issues here and there with Avatars getting scooped or botted by some, it’s far from being perfect. However, I can’t think of a better use case for this technology!

Reddit made an announcement on May 26, revealing its collaboration with Ubisoft, the gaming giant, to support the Rabbids NFT collection. As part of this partnership, Redditors now have the opportunity to acquire Rabbids NFT avatars for their profiles on the platform, and these free avatars are being rapidly claimed by users.

The Rabbids, which initially emerged as a spin-off video game from the Rayman series called “Rayman Raving Rabbids” in 2006, have evolved their presence in the world of gaming. Ubisoft, as a pioneering video game publisher, took a significant step by introducing in-game NFT items in December 2021.

Subsequently, in February, Ubisoft expanded the Rabbids’ NFT offerings by launching a collection of Rabbids NFT avatars specifically designed for The Sandbox, a metaverse game.

During an AMA with r/India subreddit on May 25, Polygon co-founder Sandeep Nailwal said he was a big fan of Reddit NFTs, adding:

Reddit is perhaps the only well-known Big Tech company who has cracked the NFT code and they are able to drive a lot of engagement with Reddit NFTs.

He suggested that having a secondary marketplace and an artist launchpad “could be some great additions to take Reddit NFTs to the next level.”

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