Reddit Collectible Avatars has over 10 million users

Reddit Collectible Avatars have gained significant traction since their launch in July 2022, with over 10 million holders of the collectible avatars in just 11 months.

As per data from Dune Analytics, there are currently a total of 9,909,465 million holders for the Reddit Collectible Avatars, also known as Reddit NFTs. Of those, 7.7 million holders are single collective avatar holders, meaning they do not have multiple wallets.

Last year in July 2022, Reddit launched a collectible avatar marketplace on Polygon, Ethereum’s Layer-2 scalability platform. All NFTs in the customizable collection were designed by independent artists and Reddit content creators.

Reddit successfully introduced its Polygon-based NFTs called Collectible Avatars, allowing users to showcase diverse avatars on social media platforms, marking a significant achievement in bringing NFTs to a mainstream audience.

The number of avatar holders surged fast following the launch of the Reddit NFTs. However, by November 2022, the total number of avatar holders reached a plateau of 3 million. This year, in 2023, there has been a massive growth spurt, with the total number of wallets tripling in just the last six months.

The Surge in Reddit NFT Holders

Since the beginning of 2023, the total number of Reddit NFT holders has surged by 80%. Currently, the collection has a total of 13.7 million NFT avatars, and the total market cap of Reddit Collectible Avatars has surged to $38.4 million.

Furthermore, data shows that the total sale of Reddit NFTs has been 303,033, of which the cumulative sales volume has reached $32.6 million. On Sunday, May 28, popular Redditor “ContextMelodic4212” congratulated the platform on the achievement but also added that the bot activity could be responsible partly for the growth. The Redditor added:

“Actually there are some issues here and there with Avatars getting scooped or botted by some, it’s far from being perfect. However, I can’t think of a better use case for this technology!”

Last week, the social media platform Reddit also announced support for gaming giant Ubisoft’s Rabbids NFT collection. All Redditors started claiming free Rabbids NFT avatars for their profiles on the platform.

Who knew a plunger was just what your Avatar needed? 🪠 In partnership with Ubisoft, we’re bringing @RabbidsOfficial to Reddit! Get your Rabbids #RedditCollectibles now.

— Reddit (@Reddit) May 25, 2023

In 2006, Rabbids emerged as a spin-off video game from the Rayman series. In December 2021, Ubisoft became the first major publisher to introduce in-game NFT items. The Rabbids NFT avatar collection was subsequently launched for The Sandbox metaverse game in February.

Last week, Polygon co-founder Sandeep Nainwal also said that he’s a big fan of Reddit NFTs. He added:

“Reddit is perhaps the only well-known Big Tech company who has cracked the NFT code and they are able to drive a lot of engagement with Reddit NFTs.”

He also made some suggestions, stating that a secondary marketplace and an artist launchpad “could be some great additions to take Reddit NFTs to the next level.”