Reddit NFTs Surpass 10 Million Holders

Reddit is on the verge of surpassing 10 million holders of its collectible avatars, or “Reddit NFTs,” nearly eleven months after its launch in July 2022.

According to Dune Analytics, there are currently 9,909,465,000,000 collectors of Reddit collectible avatars. Approximately 7.7 million are single collective avatar holders, or those without multiple wallets.

In July 2022, Reddit launched a marketplace for collectible avatars on the Ethereum scaling network Polygon. Independent artists and Reddit content creators created the NFTs in the customizable collection.

Avatar owners skyrocketed following the collection’s launch but stabilized at around 3 million in November. The number of wallets has tripled over the past six months in 2023, indicating a significant growth spurt.

The number of Reddit avatar owners has increased by 80 percent since the beginning of 2023. The market capitalization of Reddit Collectible Avatars is $38.4 million, and there are 13.7 million NFT avatars in the collection.

According to the data, there have been 303,033 total sales, with a cumulative sales volume of $32.6 million.

On May 28, Reddit user “ContextMelodic4212” congratulated the platform on its accomplishment but speculated that bot activity may have contributed to some of its growth.

“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!”

Reddit announced support for the Ubisoft Rabbids NFT collection on May 26. Redditors can claim free Rabbids NFT avatars for their profiles, and they are being snatched up quickly.

Rayman Raving Rabbids, released in 2006, was the first Rayman video game spin-off to feature the Rabbids. In December 2021, Ubisoft was the first major video game publisher to remove in-game NFT items.

In February, it released the Rabbids NFT avatar collection for the metaverse game The Sandbox.

During an Ask Me Anything (AMA) with the r/India subreddit on May 25, Polygon co-founder Sandeep Nailwal expressed his admiration for Reddit non-fungible tokens, adding that:

“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 suggested that a secondary marketplace and an artist launchpad “could be some great additions to take Reddit NFTs to the next level.”