10 Million Users Now Own Reddit NFTs – What’s the Hype?
• Nearly 10 million users own “Reddit NFTs” on Polygon, an Ethereum sidechain.
• The Reddit collectible marketplace features NFTs designed by independent artists and content creators within the Reddit community.
• On May 26, Reddit said it would support Ubisoft’s Rabbids NFT collection.
Number of Reddit NFT Holders Growing Rapidly
Dune Analytics data shows that nearly 10m users own “Reddit NFTs” on Polygon, an Ethereum sidechain. Released in July 2022, the customizable collection by Reddit, a social media platform, has gained significant traction. According to on-chain data, there are 9,947,410 Reddit non-fungible tokens (NFTs) holders. Of these holders, approximately 7.7 million are single collective avatar holders who do not use multiple wallet addresses.
Market Capitalization of Collectible Avatars
The market capitalization of Reddit Collectible Avatars stands at $38.4 million with a staggering collection of 13.7 million NFT avatars. The growing user base of nearly 10 million Reddit avatar holders has also translated into thriving secondary markets with 303,033 sales translating to a cumulative sales volume of $32.6 million.
Initial Surge in Avatar Holders Stagnated
Although the initial surge in avatar holders stagnated at around three million in November, there has been rapid growth in 2023 with the number of wallets tripling over the past six months – representing an 80% increase since 2023.
Congratulatory Message from Redditor
The spike in Reddit NFTs activity was picked out by “ContextMelodic4212” on Reddit who congratulated the platform but expressed concerns regarding potential bot activity contributing to the growth while recognizing that the collectible avatars represented a valuable use case for the technology.
Ubisoft’s Rabbids Collection Supported by Reddit
On May 26th, 2021:Reddit said it would support Ubisoft’s Rabbids NFT collection which originated from Rayman video game series and had launched its metaverse game The Sandbox back in February 2021