Reddit collectible avatars onboard nearly 10 million into the crypto, NFT space

Reddit collectible avatars onboard nearly 10 million into the crypto, NFT space

Social platform Reddit is close to breaking 10 million holders of its collectibles, or “Reddit NFTs,” nearly 11 months after its July 2022 launch.

According to Dune Analytics, there are currently a total of 9,909,465 million Reddit collectible avatars. Around 7.7 million of these are identified as individual collective avatar holders, or those who do not have multiple wallets.

Reddit Collectible Avatars – Source: Reddit

Reddit launched a collectible avatar marketplace on the Ethereum scaling network Polygon in July 2022. NFTs in the customizable collection are designed by independent artists and Reddit content creators.

Avatar holders increased after the collection’s launch, but reached a plateau of around 3 million in November. However, there has been a major growth spurt in 2023 with the number of wallets tripling in the last six months.

Since the beginning of 2023, the number of Reddit avatar holders has increased by 80%. Reddit Collectible Avatar’s market cap 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.

RCA holders over time. Source: Dune Analytics

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

“There are actually some issues here and there with avatars being scooped or botted by someone, it’s far from perfect. However, I can’t think of a better use for this technology!”

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 add up quickly.

See also  NFTs in a nutshell: A weekly review

Rabbids originated as a spin-off video game from the Rayman video game series, 2006’s Rayman Raving Rabbids. Ubisoft was the first major video game publisher to release in-game NFT elements in December 2021. It launched the Rabbids NFT avatar collection for the Metaverse game The Sandbox in February.

Related: Reddit backup: Site resolves ‘major power outage’ after nearly 6 hours

During an AMA with the 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 known Big Tech company that 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 launch pad “could be some great additions to take Reddit NFTs to the next level.”

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