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.

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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.”

Arts

https://cointelegraph.com/news/reddit-collectible-avatars-onboard-millions-crypto-nft/amp

Interesting NFTs
Art Is The Currency of the Infinite
This still-life, titled after one of Pablo Picasso's infamous quotes, was made solely using 3D softwares and apps, in an attempt to bring this often forgotten artistic genre into the 21st century through the use of new artistic mediums and technologies. This piece is also an invitation to meditate on the role of "value" throught the ages and how it's been radically altered by the coming into existence of technologies and concepts like cryptocurrencies and digital scarcity.
The Scion
A young figure caught in a moment of distraction, aware only ephemerally of his unconscious being, as it engages in psychological and psychedelic layer spaces. His right arm casually cradles a moray eel; the figure is comfortable but not truly aware of the potentials for danger in such negligence. His shirt reads “Bello” in Pokemon style font, harkening back to a childhood straddling the millennial threshold. To his right side, out of the unconscious deep, shrouded alien heads propagate as a fractal totem, each new iteration a more sophisticated rendering of emotional masking over the cold mystery of the greys. As the scion of the Budgie-Sattva, the young man, in his distraction, is also simultaneously aware of higher levels of self discovery. To his left a psychological topology sets beneath the oracle side of an 8 ball ,hovering; its message a purest concept of acceptance. The “Scion” lettering is in 80’s HeMan style bold declaration. The lower right side of the painting is like a hybrid of melon, feathers, and seeds. The crystals in the background bring light; conducted, refracted, reflected, and dispersed, to balance the dark shadow of the figure’s physical body. The aura of the scion succeeds in layers to point, with a finger, and the crown chakra, toward a center of a mandala existing as nigh pure application of strokes, in essence painterly abstraction, but also revealing hints of the Aura of migraine, and the bi-hemispherical nature of the brain–noting concerns of the possibility of inherited mental disease. Yet the flourish of chakra as it sets against that center is robust, active, coherent, and reveling against all fear. Fundamentally, the piece speaks to the activation of one’s potential to begin to “Know Thyself”, and find greater awareness out of the enigmas of the mind–as an inculcated seed given to the rich soil of one’s own birthright.
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By OthersideDeployer
Rare
*hissing noises*! I'm Rare. I'm a professional Dogwalker and I love wet food. I was voted biggest teacher's pet in college. We can be friends, but keep the ultra purrsonal stuff to yourself, please.
Hope
CONGRATS!