The social platform Reddit is going to pass 10 million of its collective avatars, or “Reddit NFT,” almost 11 months after its launch in July 2022.
According to Dune Research, there are currently a total of 9,909,465 million Reddit Collectible Avatars. About 7.7 million of them were identified as having the same collective avatar, or those without multiple wallets.
Reddit released an avatar collection on the Ethereum Polygon network in July 2022. A customizable collection of NFTs created by independent artists and Reddit content creators.
Avatar holders went up after the collection was released, but it peaked around 3 million in November. However, there has been strong progress in 2023, with the number of wallets tripling in the last six months.
Since the beginning of 2023, the number of Reddit avatar owners 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.
In addition, there were 303,033 prices with a total market value of $32.6 million, according to the data. On May 28, Redditor “ContextMelodic4212” praised the platform for the achievement, but said bot activity may be responsible for some of the growth.
“Of course, there is a problem here with the avatars that some have raised or kicked, it is not enough. However, I can’t think of a better use for this technology!”
On May 26, Reddit announced support for the Rabbids NFT collection from gaming giant Ubisoft. Redditors can claim free Rabbids NFT avatars for their profile on the platform and redeem them easily. Rabbids is a video game of the Rayman video game series, Rayman Raving Rabbids from 2006. Ubisoft was the first video game developer to release a NFT game in December 2021. He launched the Rabbids NFT avatar collection for the metaverse game The Sandbox in February.
During an AMA on the r/India sub-reddit on May 25, Polygon founder Sandeep Nailwal said he’s a big fan of Reddit’s NFTs, adding:
“Reddit may be the only known Big Tech Company that has cracked the NFT code and has been able to create multiple submissions to Reddit NFT.”
He suggested that having a second market on the artist’s pad “could be a great addition to take Reddit NFT to the next level.”
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