Social media giant, Reddit, is nearing a significant landmark as their collectible avatars, otherwise known as Reddit NFTs, are about to cross the 10 million holder mark. This comes less than a year after the launch of the initiative in July 2022.
Dune Analytics data confirms that currently, there are just shy of 10 million Reddit NFT holders. Interestingly, out of these, around 7.7 million are single avatar holders, meaning they do not have multiple wallets. These avatars, unique digital collectibles operating on Ethereum’s scaling network, Polygon, were introduced to the Reddit community by independent artists and Reddit creators.
Following the initial surge after the launch, the growth appeared to plateau at 3 million in November. However, a significant growth spurt this year has tripled the number of wallets over the last six months. Since the start of 2023 alone, Reddit avatar holders have surged by a staggering 80%.
In addition to its remarkable user growth, the Reddit Collectible Avatars market capitalization now stands at $38.4 million with a total of 13.7 million NFT avatars in the collection. The cumulative sales volume reaches an impressive $32.6 million, resulting from over 300,000 total sales.
However, not all news is rosy, as some Redditors are claiming bot activity inflating the growth. On a more upbeat note, gaming behemoth Ubisoft has also jumped into the Reddit NFT avatar frenzy by providing free Rabbids NFT avatars to Reddit users, further validating the appeal of these unique digital assets.