Reddit’s Immersive NFT Experience: Over 10 Million Holders Embrace Collectible Avatars

Are you authorized to work in the United Kingdom? This is a question many individuals encounter when seeking employment opportunities in the UK. Interestingly, social platform Reddit has experienced significant growth in its collection of unique avatars, known as “Reddit NFTs,” since its launch in July 2022, edging closer to the impressive milestone of 10 million holders.

Based on data from Dune Analytics, the current count stands at a remarkable 9,909,465 million holders of Reddit collectible avatars. Out of this figure, approximately 7.7 million can be classified as single collective avatar holders, meaning they possess a solitary wallet rather than multiple ones.

To cater to the demand for collectible avatars, Reddit introduced a dedicated marketplace on the Ethereum scaling network Polygon in July 2022. This marketplace showcases NFTs from independent artists and creators within the Reddit community, offering a customizable collection to users.

The initial launch of the avatar collection witnessed a surge in holders, with the count reaching around 3 million in November. However, the growth rate accelerated notably in 2023, resulting in a tripling of the number of wallets over the past six months.

Since the onset of 2023, the number of Reddit avatar holders has experienced a staggering 80% increase. As of now, the market capitalization of Reddit Collectible Avatars stands at an impressive $38.4 million, encompassing a collection of 13.7 million NFT avatars.

Additionally, the cumulative data reveals a total of 303,033 sales, with a combined sales volume amounting to $32.6 million.

Acknowledging this achievement, Redditor “ContextMelodic4212” extended congratulations to the platform. However, they also expressed concerns about potential bot activity leading to some of the growth. Despite imperfections, they recognized the significance of this technological application.

On May 26, Reddit made an exciting announcement regarding their collaboration with gaming giant Ubisoft’s Rabbids NFT collection. Redditors are now able to claim free Rabbids NFT avatars to adorn their profiles on the platform. Unsurprisingly, these avatars have been swiftly acquired by eager users.

Originating as a spin-off video game from the popular Rayman series, Rabbids gained recognition in 2006 with “Rayman Raving Rabbids.” Ubisoft, as a pioneering video game publisher, ventured into in-game NFT items back in December 2021. Subsequently, they introduced the Rabbids NFT avatar collection exclusively for The Sandbox, a metaverse game, in February.

During a recent Ask Me Anything (AMA) session on the r/India subreddit, Sandeep Nailwal, co-founder of Polygon, expressed his admiration for Reddit NFTs. He praised Reddit for successfully incorporating NFTs into its platform, highlighting their ability to generate substantial engagement among users. Nailwal further suggested the inclusion of a secondary marketplace and an artist launchpad as potential enhancements to elevate the Reddit NFT experience.

In conclusion, the growth of Reddit’s collectible avatars has been nothing short of impressive, with the platform nearing the milestone of 10 million holders. This achievement, coupled with the support of gaming giant Ubisoft’s Rabbids NFT collection, signifies the immense potential and widespread adoption of NFTs within the Reddit community. As the future unfolds, there is anticipation for further advancements that will take Reddit NFTs to even greater heights.


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