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Reddit NFTs have seen staggering success since their launch, with the platform registering 10 million NFT holders and hitting $32 million in sales.
The most expensive Reddit avatar was sold for a whopping $50,000.
Crunching The Numbers
The Reddit NFT collection was released in July 2022 and has gained significant traction since and is loved by the platform’s community. According to the available on-chain data, a staggering 9,900,465 Reddit accounts hold NFTs, with the collectibles having a market capitalization of over $38 million. Most of this success can be attributed to its trademark collections, such as Foustlings, The Senses, and poieeeyee, which have individually topped over $1 million in sales.
Out of the over 9 million Reddit NFT holders, 7.7 million are single collective avatar holders. This means that these users hold a single avatar and do not operate multiple wallet addresses. The Reddit avatar marketplace on Polygon also features NFTs designed and created by independent artists from the Reddit community.
Rapid Growth In 2023
While the initial surge of users collecting avatars stagnated after hitting the 3 million mark, 2023 has seen the pace pick up again. Specifically, the number of wallets has tripled over the past six months, with Reddit NFT holders increasing by 80% since the beginning of 2023. The growing user base has also resulted in thriving secondary markets for these NFTs. Data has suggested that there have been 303,033 sales, leading to a sales volume of over $32 million.
The spike in Reddit NFT activity was pointed out by Reddit user “ContextMelodic4212,” who congratulated the platform. However, the user raised concerns regarding bot activity on the platform driving the growth of Reddit NFTs.
Reddit Adds Support For Ubisoft’s Rabbids
Reddit also announced that it is adding support for Ubisoft’s Rabbids NFT collection. The platform tweeted the announcement from its official Twitter handle. stating,
“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.”
Rabbids originally originated from the popular video game series Rayman. Ubisoft had launched the Rabbids NFT avatar collection for the metaverse game The Sandbox, becoming a pioneer for in-game NFT items. To claim the Reddit x Ubisoft Rabbid NFTs, users must log in to their Reddit account and click on “Style Avatar.” Users will be redirected to a new dialog box where they can select the Rabbid NFTs under the “Explore” tab. After selecting the NFT, they can click on “Get” and initiate the minting process on Polygon.
Sandeep Nailwal, the co-founder of Polygon, praised the platform while talking about the collectible avatars in a recent AMA (Ask Me Anything) on Reddit. According to Nailwal, Reddit has been the only platform to “crack the code” for NFT adoption. Reddit is one of the biggest social media platforms, with over 1.6 billion users.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.