Reddit NFT Collection Approaches 10 Million in Spiral Growth – Cryptopolitan
Reddit is on the verge of boasting around 10 million holders of its unique, collectible avatars – a staggering figure that has skyrocketed nearly a year after the launch of Reddit Non-Fungible Tokens (NFT). However, this achievement is not without controversy and calls into question the larger role of such digital collectibles in the expanding landscape of Web3 technologies.
Rising popularity amid controversy
As reported by Dune Analytics, Reddit’s NFT ownership is nearing the milestone, with nearly 9.9 million users embracing the craze. Astonishingly, 7.7 million of these have individual unique avatars, avoiding the proliferation of multiple wallets that has characterized the digital collector market. These avatars, innovative digital creations made by independent artists and Reddit content creators, have become a cultural phenomenon on the social media giant.
Despite the initial buzz fizzling out a bit after reaching 3 million avatar holders in November 2022, 2023 saw exponential growth, nearly tripling the number of wallet owners in the past six months. However, the achievement is not without dissenters. One Reddit user suggested that bots could be responsible for the recent growth, highlighting a concern that has long plagued the digital economy.
An unlikely match: Reddit, games and NFTs
A pivotal moment for Reddit came on May 26 when the platform announced its partnership with gaming powerhouse Ubisoft. Reddit users now have the ability to claim Rabbids NFT avatars, characters that come from Ubisoft’s popular video game series, “Rayman Raving Rabbids.” The move has resulted in a wave of engagement on the platform, demonstrating the enduring appeal of NFTs among Reddit’s user base.
The conflation of the gaming industry with Reddit’s burgeoning NFT market has had unexpected benefits. Polygon co-founder Sandeep Nailwal, during a recent AMA session on Reddit, praised the social media platform’s innovative integration of NFTs, stating that Reddit was the only major tech company to have “cracked the NFT code.”
Polygon’s vision for Reddit and beyond
Nailwal’s comments highlight the potential of Reddit’s NFT strategy and its broader implications for the future of Web3. He pointed out that having a secondary marketplace and an artist launch pad could be game changers for Reddit’s NFT trajectory.
From a broader perspective, Nailwal sees Polygon, which supports Ethereum’s public blockchains, as a crucial player in the Web3 space. By providing a scalable application platform, Polygon aims to become the “business or application layer for crypto”, creating synergies with leading brands such as Nike, Starbucks and Sotheby’s in the process.
As Reddit’s NFTs continue to grow, these digital collectibles stand as a testament to the evolving landscape of Web3 technologies, demonstrating the untapped potential and challenges of integrating such disruptive innovation into the mainstream digital economy.