Reddit, the popular social platform, is teetering on the brink of an impressive milestone – amassing 10 million holders of its collectible avatars, affectionately known as “Reddit NFTs.” Nearly a year after their launch in July 2022, these digital collectibles have witnessed a remarkable adoption rate.
Based on the latest data from Dune Analytics, the total number of Reddit collectible avatar holders stands at a staggering 9,909,465. Of these, about 7.7 million are recognized as single collective avatar holders, indicating that they do not possess multiple wallets.
Reddit’s independent artist emporium
In a groundbreaking move in July 2022, Reddit introduced a collectible avatar marketplace on the Ethereum scaling network Polygon. This customizable collection of NFTs is the product of a diverse array of artists and Reddit creators.
After an initial surge in avatar holders post-launch, the number plateaued at roughly 3 million in November. However, 2023 has ushered in a significant growth phase, with the number of wallets tripling over the past six months.
Meteoric rise of Reddit NFTs in 2023
The year 2023 has proven to be a landmark period for Reddit avatar holders, boasting an impressive 80% increase since the beginning of the year. Currently, the Reddit Collectible Avatars market capitalization sits at just over $38 million, with an extensive collection of nearly 14 million NFT avatars.
Moreover, the avatar marketplace has seen a total of over 303,000 sales, amounting to a cumulative sales volume of nearly $33 million.
Challenges and Partnerships: Reddit’s NFT Journey
While these milestones are commendable, not all aspects of the NFT avatar adoption have been smooth sailing. Some Reddit users highlighted potential bot activity, which could inflate the growth figures. However, the user acknowledged the innovative use of technology, despite some bottlenecks.
In a recent partnership, Reddit announced support for Ubisoft’s Rabbids NFT collection on May 26. Reddit users can now claim these free Rabbid NFT avatars for their profiles, and they’re disappearing rapidly. Originating from the 2006’s Rayman Raving Rabbids video game, the Rabbids NFT avatar collection is a fresh addition to the metaverse game The Sandbox.
The NFT code: Cracked by Reddit
Reddit’s innovative venture into NFTs has not gone unnoticed. Polygon co-founder Sandeep Nailwal praised Reddit during an AMA with the r/India subreddit on May 25. He expressed admiration for Reddit’s successful engagement with NFTs, stating, “Reddit is perhaps the only well-known Big Tech company who has cracked the NFT code.” He proposed the introduction of a secondary marketplace and an artist launchpad to elevate Reddit’s NFT game even further.
As Reddit inches closer to the 10-million mark, its innovative NFT initiative illustrates the immense potential of integrating blockchain technology and digital collectibles into social media platforms. It certainly sets the stage for an interesting future in the crypto and NFT space.
This information is published by the NFT News media team.
