Reddit, the popular social platform, is on the verge of reaching a significant milestone as it nears 10 million holders of its collectible avatars, known as “Reddit NFTs,” nearly a year after their launch in July 2022.
According to Dune Analytics, there are currently a total of 9,909,465 Reddit collectible avatar holders. Among them, approximately 7.7 million are single collective avatar holders who do not possess multiple wallets.
In July 2022, Reddit introduced a marketplace for collectible avatars on the Ethereum scaling network Polygon. The customizable collection features NFTs designed by independent artists and Reddit content creators.
The number of avatar holders experienced a surge after the collection’s launch but reached a plateau at around 3 million in November. However, there has been substantial growth in 2023, with the number of wallets tripling over the past six months.
Since the beginning of this year, the number of Reddit avatar holders has increased by 80%. The market capitalization of Reddit Collectible Avatars stands at $38.4 million, with a total of 13.7 million NFT avatars in the collection.
Moreover, there have been 303,033 total sales, amounting to a cumulative sales volume of $32.6 million, as per the available data.
On May 26, Reddit announced its support for the Rabbids NFT collection from gaming giant Ubisoft. Redditors can claim free Rabbids NFT avatars to use as their profiles on the platform, and these avatars are being rapidly acquired.
The Rabbids franchise originated as a spin-off from the Rayman video game series, with 2006’s Rayman Raving Rabbids. Ubisoft became the first major video game publisher to release in-game NFT items in December 2021. In February, it launched the Rabbids NFT avatar collection for the metaverse game The Sandbox.