Coinspeaker
Reddit Collectible Avatars Has More Than 10M Users Now
Just within 11 months since its launch in July 2022, Reddit Collectible Avatars have seen massive traction with more than 10 million holders of its collectible avatars.
As per the data from Dune Analytics, there are currently a total of 9,909,465 million holders for the Reddit collectible avatars aka the Reddit NFTs. Of them, 7.7 million holders have been identified as single collective avatar holders. These are the holders that do not have multiple wallets.
As said, last year in July 2022, Reddit launched a collectible avatar marketplace on Ethereum‘s Layer-2 scalability platform Polygon. All of the NFTs within the customizable collection have been designed by independent artists as well as Reddit content creators.
Reddit has successfully introduced its Polygon-based NFTs called Collectible Avatars. It allows users to showcase diverse avatars on social media platforms, marking a significant achievement in bringing NFTs to its mainstream audience.
Following the launch of the Reddit NFTs, avatar holders surged fast. However, soon by November 2022, the total avatar holders reached a plateau of 3 million. Also, this year in 2023, there’s a massive growth spurt with the total number of wallets tripling in just the last six months.
The Surge in Reddit NFT Holders
Since the beginning of 2023, the total number of Reddit NFT holders has surged by 80%. Currently, the collection has a total of 13.7 million NFT avatars, and the total market cap of Reddit Collectible Avatars has surged to $38.4 million.
Furthermore, data shows that the total sale of Reddit NFTs has been 303,033 of which the cumulative sales volume has reached $32.6 million. On Sunday, May 28, popular Redditor “ContextMelodic4212” congratulated the platform on the achievement but also added that the bot activity could be responsible partly for the growth. The Redditor added:
“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!”
Last week, the social media platform Reddit also announced support for gaming giant Ubisoft’s Rabbids NFT collection. All the Redditors started claiming free Rabbids NFT avatars for their profiles on the platform.
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 pic.twitter.com/1lKFUU0rrJ
— Reddit (@Reddit) May 25, 2023
In 2006, Rabbids emerged as a spin-off video game from the Rayman series. In December 2021, Ubisoft became the first major publisher to introduce in-game NFT items. The Rabbids NFT avatar collection was subsequently launched for The Sandbox metaverse game in February.
Last week, Polygon co-founder Sandeep Nainwal also said that he’s a big fan of Reddit NFTs. He added:
“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 also made some suggestions stating that a secondary marketplace and an artist launchpad “could be some great additions to take Reddit NFTs to the next level”.
