The Rise of Reddit NFTs
In a monumental leap of digital collectibles, Reddit is on track to hit the coveted milestone of 10 million holders of its collectible avatars, commonly known as “Reddit NFTs.” This surge, which has been building since the platform launched its avatar marketplace in July 2022, has seen a staggering 80% increase in holders since the beginning of this year alone.
Avatar Holder Statistics: What the Numbers Say
According to Dune Analytics, there are 9,909,465 Reddit collectible avatar holders as of now. A closer look reveals that 7.7 million of these individuals are unique holders, cautiously avoiding the dreaded digital hoarding that often plagues the NFT space.
- Total Avatar Holders: 9.9 million+
- Unique Collective Avatar Holders: 7.7 million
- Market Capitalization: $38.4 million
- Total NFT Avatars: 13.7 million
- Total Sales Volume: $32.6 million
Initial Launch and its Aftermath
When Reddit rolled out its avatar marketplace on the Ethereum scaling network Polygon, initial excitement fizzled at around 3 million holders by November. Yet, like a phoenix rising from the ashes (or a cat with nine lives), the engagement surged at the start of 2023. In just six months, wallets associated with Reddit avatars tripled, showcasing a revival of interest in this digital phenomenon.
Controversy in Paradise: The Role of Bots
Redditor “ContextMelodic4212” pointed out that while the platform’s achievements are commendable, the presence of bots could potentially skew the numbers. It seems never-ending development comes with minor hiccups, but hey, when it comes to NFTs, who doesn’t love a little chaos?
What’s New? The Rabbids Collaboration
In a recent uplifting move for both gamers and collectors, Reddit announced support for Ubisoft’s Rabbids NFT collection. These quirky avatars are flying off the digital shelves faster than you can say “plunger!” This partnership not only diversifies the avatar offerings on Reddit but also intertwines itself with the broader narrative of NFTs and gaming.
Industry Insights from the Experts
Polygon co-founder Sandeep Nailwal recently lauded Reddit’s efforts during an AMA session, suggesting that they might just be the “Big Tech” company that cracked the NFT code. His thoughts on secondary marketplaces and artist launchpads reveal an eagerness for evolution in this digital space.
“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.” – Sandeep Nailwal
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