29/05/2023 Reddit collectible avatars onboard nearly 10M into the crypto, NFT space

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

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

According toDune Analytics, there are currently a total of 9,909,465 million Reddit collectible avatar holders. Around 7.7 million of these are identified as single collective avatar holders, or those that 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 have been designed by independent artists and Reddit content creators.

Avatar holders surged following the collection’s launch but reached a plateau at around 3 million in November. However, there has been a big growth spurt in 2023, with the number of wallets tripling over the past six months.

Since the beginning of 2023, the number of Reddit avatar holders has increased by 80%. The Reddit Collectible Avatars market capitalization 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 the achievement butcommentedthat bot activity may be responsible for some of that 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!”

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 are being scooped up fast.

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 items in December 2021. It launched the Rabbids NFT avatar collection for the metaverse game The Sandbox in February.

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

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



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