Dune Analytics data shows that nearly 10m users own “Reddit NFTs” on Polygon, an Ethereum sidechain.
Reddit NFT holders rising
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. These are holders with a single avatar and do not use multiple wallet addresses.
The Reddit collectible avatar marketplace on Polygon features NFTs designed by independent artists and content creators within the Reddit community.
Although the initial surge in avatar holders stagnated at around three million in November, there has been rapid growth in 2023. Specifically, the number of wallets tripled over the past six months.
Since 2023, the count of Reddit NFTs holders is up 80% increase.
Meanwhile, 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.
As per the available data, there has been 303,033 sales translating to a cumulative sales volume of $32.6 million.
The spike in Reddit NFTs activity was picked out by “ContextMelodic4212” on Reddit. He congratulated the platform but expressed concerns regarding potential bot activity contributing to the growth.
While recognizing the imperfections, the Redditor stated that the collectible avatars represented a valuable use case for the technology.
Reddit to support Ubisoft’s Rabbids NFT collection
On May 26, Reddit said it would support Ubisoft’s Rabbids NFT collection.
The Rabbids franchise originated from the popular video game series Rayman. Ubisoft became a pioneer in in-game NFT items by launching the Rabbids NFT avatar collection for the metaverse game The Sandbox in February.
Polygon co-founder, Sandeep Nailwal, also recently hosted an Ask-Me-Anything (AMA) session on Reddit. While referring to Reddit’s Collectible Avatars, Nailwal praised said the platform is the only one to successfully “crack the code” for NFT adoption.
