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Currently, there are currently 9,909,465 Reddit Collectible Avatar Holders.
Out of that, 7,650,072 are single Collectible Avatar Holders.
The “Reddit NFTs” were launched in July 2022.
With a month to a year since its launch, the Reddit Collectible Avatars holders are 90,535 shy of hitting the 10 million milestone according to data revealed by Dune.
Interestingly, the majority of the current Reddit NFTs holders only hold one avatar, meaning they do not have multiple wallets.
The Reddit Collectible Avatars
The Reddit Avatars were launched in July 2022 after social media platform Reddit launched a collectible avatar marketplace on the Ethereum scaling network Polygon. Reddit content creators and independent artists design the avatars in the collection.
The collection of the avatars surged in the first few months after the launch before reaching a plateau in November 2022 where there when about 3 million holders. The uptake has however picked up in 2023 with the holders more than tripling in the last six months.
Besides the holders increasing the Reddit Collectible Avatars market capitalization has risen to $38.4 million. In total, there are 13.7 million NFT avatars in the Reddit collection.
Since the avatars were launched, there have been over 303k sales worth $32.6 million according to the Dune analysis.
However, the splendid performance has not come without issues. In May this year, a Redditor referred to by the name “ContextMelodic4212” on the platform insinuated the likelihood of bots being responsible for the surge in the Reddit NFTs activity. He said:
“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!”
However, the issue with bots did not cause much attention and during a recent AMA with the r/India subreddit, Polygon co-founder Sandeep Nailwal stated that he was a great fan of the Reddit avatars and suggested launching a secondary marketplace and an artist Launchpad.
Reddit has also announced support for the gaming giant Ubisoft’s Rabbids NFT collection. following the announcement, Redditors can claim Rabbids NFT avatars for free to use on their profiles on the platform.
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