Reddit Avatar’s NFT Collection Gathers 10M Holders
After almost 11 months since its launch in July 2022, the social platform Reddit is on the verge of surpassing 10 million holders of its collectibles, known as “Reddit NFTs”.
This milestone represents another remarkable achievement for the NFT collection of Reddit, solidifying its position as one of the largest and most recognized NFT collections on the market.
With its widespread recognition and global appeal, Reddit’s NFT collection has garnered significant recognition within the NFT community and beyond. Based on data from Dune Analytics, the current number of Reddit collectible avatars is approximately 9,909,465 million.
Among these holders, around 7.7 million are categorized as single collective avatar holders, indicating users who only have one avatar and do not use multiple wallets for their holdings. This information provides insight into distribution and ownership patterns in social media’s collectable avatar communities.
The platform had launched its collection of NFT collectible avatars on the Ethereum Layer 2 scaling network Polygon. These unique NFTs allow users to customize their avatars with designs created by independent artists and Reddit content creators.
This initiative not only provides a platform for artists to showcase their work, but also allows Reddit users to express their individuality and engage with the NFT ecosystem in a personal way.
Reddit avatar holders witness 80% increase in numbers since 2023
Since the beginning of 2023, Reddit’s avatar holders have experienced a remarkable increase, with the number increasing by an impressive 80%.
This significant growth highlights the growing interest and use of these NFT collectible avatars. With a market cap of $38.4 million, the collection now consists of an impressive 13.7 million NFT avatars.
While the Reddit NFT collection may have peaked in terms of mintage in December 2022 and January 2023, its overall popularity in the market is still evident.
With a total sales volume of $32.68 million and total sales of over 303,000, the collection has received significant attention and demand from NFT enthusiasts. Despite not currently peaking, the collection’s impressive sales volume and popularity highlight its appeal and success within the NFT market.
In an exciting development, Reddit revealed its support for Ubisoft’s Rabbids NFT collection on May 26. As part of this collaboration, Redditors have the opportunity to claim free Rabbids NFT avatars for their profiles on the platform. The availability of these avatars has generated significant interest among users, resulting in the rapid acquisition of NFTs.
Rabbids first appeared as a spin-off video game from the Rayman series called “Rayman Raving Rabbids” released in 2006. Ubisoft, as a major video game publisher, made significant strides in NFTs by being the first to introduce them into the game. NFT goods in December 2021.
In February, Ubisoft further expanded its NFT offerings by launching the Rabbids NFT avatar collection specifically designed for the metaverse game called The Sandbox.
Image from Lucky Trader, chart from TradingView.com