Reddit collectable avatar crypto, NFT space has nearly 10M onboard

Social platform Reddit is inching closer to surpassing 10 million holders of its collectible avatars, or “Reddit NFTs,” in July 2022, nearly 11 months after its launch.

According to Doon Analytics, there are currently a total of 9,909,465 million Reddit collectible avatar holders. Of these, about 7.7 million have been identified as single collective avatar holders, or those who do not have more than one wallet.

Reddit is launching a collectible avatar marketplace in July 2022 on the Ethereum scaling network Polygon. The customizable collection features NFTs designed by independent artists and Reddit content creators.

Avatar holders increased after the launch of the collection but peaked in November at around 3 million. However, 2023 is set for major growth with the number of wallets tripling in the past six months.

The number of Reddit avatar holders has increased by 80% since the beginning of 2023. Reddit collectible avatars have a market capitalization of $38.4 million and there are 13.7 million NFT avatars in the collection.

Furthermore, according to the data, there have been a total of 303,033 sales with a cumulative sales volume of $32.6 million.

On May 28, Redditor “ContextMelodic4212” congratulated the platform on this achievement but commented Bot activity may be responsible for that increase.

“There are actually some issues here and there with avatars being scooped or botched by some people, it’s far from perfect. However, I can’t think of a better use case for this technology!”

Most recently on May 26, Reddit announced support for gaming giant Ubisoft’s Rabbids NFT collection. Redditors can claim free Rabbids NFT avatars for their profiles on the platform, and they’re being scooped up fast.

Who knew what a plunger was needed for your avatar? In partnership with Ubisoft, we’re bringing @RabbidsOfficial To Reddit! get your bunnies #RedditCollectibles Now. pic.twitter.com/1lKFUU0rrJ

— Reddit (@Reddit) May 25, 2023

Raving Rabbids originated as a spin-off video game from the Rayman video game series, 2006’s Rayman Raving Rabbids. Ubisoft was the first major video game publisher to release in-game NFT items in December 2021. It launched the Rabbids NFT avatar collection for the Metaverse game The Sandbox in February.

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During an AMA with the r/India subreddit on May 25, co-founder Sandeep Nailwal Said He was a big fan of Reddit NFTs, saying:

“Reddit is probably the only well known Big Tech company that has cracked the NFT code and they have been able to drive a lot of engagement with Reddit NFTs.”

He suggested that a secondary market and an artist launchpad “could be some great additions to take Reddit NFTs to the next level.”

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