Reddit Nears 10 Million Collectible Avatar Holders: A Deep Dive into Reddit NFTs

Reddit’s NFT Journey: An Overview

In less than a year since its launch, Reddit has almost reached a milestone of 10 million holders of its collectible avatars, or “Reddit NFTs.” Since July 2022, Reddit has transformed the way its users express themselves through these digital collectibles, proving that a little avatar can go a long way (like, to your 10 million close friends). According to Dune Analytics, we’re sitting at a whopping 9,909,465 unique holders with nearly 7.7 million of those being individuals who are keeping their collectibles close and not spreading them across multiple wallets.

A Surge in Popularity

Initially, the excitement surrounding the collectible avatar marketplace peaked shortly after its inception, hitting around 3 million holders in November. However, the growth curve resembles a roller coaster ride, with a staggering 80% rise this year alone. Ever since January, Reddit has seen wallet holders triple, showing that what goes up certainly keeps going up in the world of NFTs (as long as you don’t check the market every five minutes).

Market Growth and Financial Overview

The Reddit Collectible Avatars have captured the attention of collectors and investors alike. Currently, the market capitalization stands at $38.4 million, and there are an impressive 13.7 million NFT avatars populating the landscape. It’s also noteworthy that 303,033 total sales have generated a cumulative sales volume of $32.6 million. That’s a lot of money for digital images—imagine your grandma trying to wrap her head around that one!

Community Reactions and Insights

As with any online phenomenon, there are whispers and rumors. On May 28, a Redditor known as “ContextMelodic4212” raised eyebrows regarding potential bot activity inflating the growth numbers. Regardless, they admitted, “I can’t think of a better use case for this technology!” At least one thing is clear: the potential of NFTs on Reddit has users buzzing, even if some of that buzz might be artificially induced.

Collaborations and Future Steps

The Reddit community is always in for a treat, particularly with exciting partnerships. Recently, Reddit announced support for Ubisoft’s Rabbids NFT collection, allowing users to snag some free collectibles. Who would have thought a plunger-equipped avatar was just what they needed? Polygon’s co-founder, Sandeep Nailwal, expressed his enthusiasm for the platform’s NFT achievements, noting Reddit’s unique ability to engage users with this tech.