Nearly 11 months after its inception in July 2022, Reddit’s collectible avatars, or “Reddit NFTs,” are nearly 10 million holders. Dune Analytics estimates that as of right now, there are 9,909,465,000,000 people who own Reddit collectible avatars.
There are around 7.7 million people who have just one collective avatar wallet. In July of 2022, Reddit created a marketplace for collectible avatars on the Ethereum scaling network Polygon. Individual artists and Reddit content makers created the NFTs available in the customizable collection.
Tripled in last 6 Months
The number of people who owned an Avatar increased rapidly after the opening of the collection but stabilized at around 3 million by the end of November. There was a slow start to 2023, but the number of wallets has tripled in the last six months.
The number of people who have an avatar on Reddit has climbed by 80 percent since the beginning of 2023. There are 13.7 million NFT avatars in the Reddit Collectible Avatars collection, giving the market cap a value of $38.4 million.
The data also shows that a total of 303,033 transactions have been made, with a total sales volume of $32.6 million. A user named “ContextMelodic4212” on Reddit congratulated the site on May 28 reaching the milestone, but they also pointed out that part of the increase may be due to bot activity.
Reddit announced on May 26 that it will be supporting Ubisoft’s Rabbids NFT collection. Free Rabbids NFT avatars are in high demand on Reddit, and users are snatching them up quickly.