Reddit’s NFT collection is on the brink of reaching a significant milestone, with nearly 10 million holders of its collectible avatars.
According to data from Dune Analytics, the current count of Reddit NFT owners stands at 9,909,465. Approximately 7.7 million holders are categorized as single collective avatar holders, meaning that they possess only one avatar and do not utilize multiple wallets for their holdings.
Reddit introduced the Reddit Avatars collection in July 2022 on the Ethereum Layer 2 scaling network Polygon. With this technology, users can customize their avatars with designs created by independent artists and Reddit content creators, adding a personal touch to their profiles.
This initiative fosters artistic expression within the community while allowing Reddit users to engage with the NFT ecosystem on a personalized level.
Reddit avoids the term “NFT” in its marketing campaigns. Instead, the platform prioritizes a simplified user experience to attract a broader audience unfamiliar with blockchain technology.
Reddit NFTs feature its alien mascot Snoo in diverse styles and themes. The platform dropped its latest collection last month with works from over 100 artists — some returning and some new to the project.
Reddit NFTs statistics
The avatar collection experienced a surge in the initial months following its launch, reaching around 3 million holders in November 2022. So far, in 2023, there has been an 80 percent surge in the number of holders.
With a market cap of $38.4 million and 13.7 million avatars, the collection demonstrates considerable popularity, although it has yet to reach its peak. The highest number of mints occurred in December 2022 and January 2023.
The total sales volume for the collection amounts to $32.68 million, with cumulative sales surpassing 303,000.
In May of this year, Redditor ContextMelodic4212 suggested the possibility of bots being behind the increased activity in Reddit NFTs.
“Actually there are some issues here and there with Avatars getting scooped or botted by some, it’s far from being perfect,” a post by ContextMelodic4212 reads.
The bot concern did not generate significant attention. During a recent Ask Me Anything (AMA) session on the r/India subreddit, Polygon co-founder Sandeep Nailwal expressed his admiration for the Reddit avatars. He highlighted Reddit as the sole platform that successfully “cracked the code” for NFT adoption, specifically referencing Reddit’s Collectible Avatars.
Moving forward, he proposed the idea of launching a secondary marketplace and an artist Launchpad to further support the platform.
Collaboration with Ubisoft
Reddit recently revealed its collaboration with Ubisoft to support the Rabbids NFT collection. Rabbids was initially released as a spin-off, titled Rayman Raving Rabbids, to the Rayman video game series.
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.https://t.co/e81Zn0Yr6S pic.twitter.com/1lKFUU0rrJ
— Reddit (@Reddit) May 25, 2023
Redditors can now claim free Rabbids NFT avatars for their profiles on the platform, and these avatars are rapidly being acquired by users. These NFTs, relating to Ubisoft’s intellectual property, are accessible as Polygon NFTs on Reddit.
“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,” reads a tweet from Reddit’s official Twitter.
Ubisoft made history in December 2021 as the first major video game publisher to introduce in-game NFT items. Building on this success, they subsequently released the Rabbids NFT avatar collection exclusively for The Sandbox metaverse game in February.
