Reddit’s collectible avatars, known as ‘Reddit NFTs,’ are on the verge of reaching a significant milestone with almost 10 million holders, less than a year after their launch in July 2022.
Based on data from Dune Analytics, the number of Reddit collectible avatar holders currently stands at 9,909,465 million, with approximately 7.7 million being single collective avatar holders who possess only one wallet.
In July 2022, Reddit introduced NFT collectible avatars on the Ethereum scaling network Polygon. This customizable collection of NFTs showcases designs crafted by independent artists and Reddit content creators.
Reddit’s avatar holders have witnessed an impressive 80% surge in numbers since the start of 2023. With a market capitalization of $38.4 million, the collection boasts a remarkable 13.7 million NFT avatars.
On May 26, Reddit announced support for Ubisoft’s Rabbids NFT collection. Redditors can swiftly acquire and claim these free Rabbids NFT avatars for their profiles, resulting in high demand and rapid adoption. Rabbids are being scooped up fast as the free NFTs have taken over Reddit.
The rapid growth and success of Reddit’s collectible avatars demonstrate the increasing popularity and acceptance of NFTs among the platform’s user base. The collaborations with Ubisoft and the introduction of the Rabbids NFT collection further highlight the potential for continued expansion and innovation in the NFT space.
