Reddit's collectible avatars, also known as Reddit NFTs, are on the verge of reaching 10 million holders, almost 11 months after their launch in July 2022. As per Dune Analytics, there are currently a total of 9,909,465 Reddit collectible avatar holders, with around 7.7 million of them being single collective avatar holders.
The avatars were introduced on the Ethereum scaling network Polygon and feature NFTs designed by independent artists and Reddit content creators. While the number of avatar holders initially peaked at around 3 million in November, there has been significant growth in 2023, with the number of wallets tripling over the past six months.
Since the start of the year, the number of Reddit avatar holders has risen by 80%. The market capitalization for Reddit Collectible Avatars is 38.4 million USD, and the collection consists of 13.7 million NFT avatars. Furthermore, the data shows a total of 303,033 sales with a cumulative sales volume of 32.6 million USD.
On 28th of May, a Reddit user acknowledged the platform's milestone of nearly 10 million collectible avatar holders but raised concerns about potential bot activity contributing to the growth. While acknowledging imperfections, the user praised the technology and highlighted Reddit's support for Ubisoft's Rabbids NFT collection.
Redditors can claim free Rabbids NFT avatars for their profiles, and these avatars are being quickly acquired. The Rabbids franchise originated from the Rayman video game series, and Ubisoft became the first major game publisher to release in-game NFT items.
Polygon co-founder Sandeep Nailwal expressed admiration for Reddit's NFTs during an AMA, suggesting that the platform could enhance its offerings with a secondary marketplace and an artist launchpad to further elevate Reddit NFTs.