Reddit collectible avatars onboard nearly 10M into the crypto, NFT space
Social platform Reddit is close to breaching 10 million holders of its collectible avatars, or “Reddit NFTs,” nearly 11 months after its launch in July 2022.
According to Dune Analytics, there are currently a total of 9,909,465 million Reddit collectible avatar holders. Around 7.7 million of these are identified as single collective avatar holders, or those that do not have multiple wallets.
Reddit launched a collectible avatar marketplace on the Ethereum scaling network Polygon in July 2022. NFTs in the customizable collection have been designed by independent artists and Reddit content creators.
Avatar holders surged following the collection’s launch but reached a plateau at around 3 million in November. However, there has been a big growth spurt in 2023 with the number of wallets tripling over the past six months.
Since the beginning of 2023, the number of Reddit avatar holders has increased by 80%. The Reddit Collectible Avatars market capitalization is $38.4 million and there are 13.7 million NFT avatars in the collection.
Furthermore, there have been 303,033 total sales with a cumulative sales volume of $32.6 million, according to the data.
On May 28, Redditor “ContextMelodic4212” congratulated the platform on the achievement but commented that bot activity may be responsible for some of that growth.
Recently on May 26, Reddit announced support for gaming giant Ubisoft’s Rabbids NFT collection. Redditors can claim the free Rabbids NFT avatars for their profiles on the platform, and they are being scooped up fast.
Who knew a plunger was just what your Avatar needed? In partnership with Ubisoft, we’re bringing @RabbidsOfficial to Reddit! Get your Rabbids #RedditCollectibles now.https://t.co/e81Zn0Yr6S
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