Bitrabo Editorial
Reddit, the social media platform, is close to reaching 10 million holders of its collectible avatars named “Reddit NFTs” almost 11 months after its launch in July 2022.
This achievement proves Reddit’s NFT collection as one of the largest and most prestigious in the market.
Reddit’s NFT collection has gained significant acclaim in the NFT community and beyond due to its global recognition and appeal. According to Dune Analytics, the current count of Reddit collectible avatar holders is about 9,909,465.
Single collective avatar holders make up approximately 7.7 million of these holders, suggesting that users have only one avatar and do not use multiple wallets for their holdings, providing insights into the distribution and ownership patterns of the social media’s collectible avatar community.
The platform launched its NFT collectible avatar collection on the Ethereum Layer 2 scaling network Polygon. These unique NFTs allow users to customize their avatars with designs created by independent artists and Reddit content creators.
This initiative offers a platform for artists to promote their work while enabling Reddit users to express their individuality and engage with the NFT ecosystem in a more personalized way.
Reddit Avatar Holders have Seen a Surge of 80% Since 2023
Since early 2023, Reddit’s avatar holders have been growing significantly, with an 80% increase in their numbers.
This significant growth showcases the increasing interest and acceptance of these NFT collectible avatars. The collection now includes an impressive 13.7 million NFT avatars with a market capitalization of $38.4 million.
Despite the Reddit NFT collection experiencing its peak in terms of mints during December 2022 and January 2023, its overall popularity in the market still stands out.
The collection has obtained enormous attention and demand from NFT enthusiasts, with a total sales volume of $32.68 million and cumulative sales exceeding 303,000. Its impressive sales and popularity highlight its appeal and success within the NFT market.
As part of a collaboration with Ubisoft’s Rabbids NFT collection on May 26, Reddit announced its support for Rabbids NFT avatars. Redditors can claim free Rabbids NFT avatars for their profiles on the platform as part of this collaboration. The availability of these avatars sparked significant interest among users, resulting in the rapid acquisition of NFTs.
Initially, Rabbids appeared as a spin-off video game from the Rayman series called “Rayman Raving Rabbids” released in 2006. Ubisoft is a significant video game publisher that made a significant leap in the NFT domain by being the first to introduce in-game NFT items in December 2021.
In February, Ubisoft further expanded its NFT collection by introducing the Rabbids NFT avatar collection specifically designed for the metaverse game called The Sandbox.
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