Reddit collectible avatars aboard nearly 10 million in the crypto, NFT space

Social platform Reddit is on the verge of breaking 10 million holders of its collectible avatars, or “Reddit NFTs,” nearly 11 months after launching in July 2022.

According to Dune Analytics, there are currently a total of 9,909,465 million Reddit collectable avatar holders. About 7.7 million of these have been identified as single collective avatar holders, or those who don’t have multiple wallets.

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.

The number of Avatar holders soared after the collection’s launch, but peaked at around 3 million in November. However, there has been a major growth spurt in 2023, with the number of wallets tripling in the past six months.

Since the beginning of 2023, the number of Reddit avatar holders has increased by 80%. The market cap of Reddit Collectible Avatars is $38.4 million and there are 13.7 million NFT avatars in the collection.

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

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

“Actually, there are some issues here and there with Avatars being scooped or bottled by some, it’s far from perfect. However, I can’t think of a better use case for this technology!”

On May 26, Reddit announced support for the Rabbids NFT collection from gaming giant Ubisoft. Redditors can claim the free Rabbids NFT avatars for their profiles on the platform and they are quickly picked up.

Who knew a plunger was just what your Avatar needed? In partnership with Ubisoft, we bring @RabbidsOfficial to Reddit! Get your Rabbids #RedditCollectibles now. pic.twitter.com/1lKFUU0rrJ

— Reddit (@Reddit) May 25, 2023

Rabbids originated as a spin-off video game of the 2006 Rayman video game series Rayman Raving Rabbids. Ubisoft was the first major video game publisher to release in-game NFT assets in December 2021. It launched the Rabbids NFT avatar collection for the metaverse game The Sandbox in February.

Related: Reddit Backup: Site Resolves ‘Major Outage’ After Nearly 6 Hours

During an AMA with r/India subreddit on May 25, Polygon co-founder Sandeep Nailwal said he was a huge fan of Reddit NFTs, adding:

“Reddit may be the only known Big Tech company to have cracked the NFT code and they can drive a lot of engagement with Reddit NFTs.”

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

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