10 Million Join Crypto NFT Space as Reddit Collectible Avatars Launch
• Reddit is close to onboarding 10 million holders of collectible avatars, or “Reddit NFTs,” nearly 11 months after its launch in July 2022.
• The Reddit Collectible Avatars market capitalization is $38.4 million and there are 13.7 million NFT avatars in the collection.
• Reddit recently announced support for gaming giant Ubisoft’s Rabbids NFT collection, with free Rabbids NFT avatars available for users on the platform.
Reddit Onboards Nearly 10M into Crypto and NFT Space
Social platform Reddit is close to breaching 10 million holders of its collectible avatars, or “Reddit NFTs,” nearly 11 months after its launch in July 2022. According to Dune Analytics, there are 9,909,465 collective avatar holders with 7.7 million identified as single collective avatar holders who do not have multiple wallets.
Market Capitalization and Number of Avatars
The Reddit Collectible Avatars market capitalization is $38.4 million and there are 13.7 million NFT avatars in the collection. Furthermore, there have been 303,033 total sales with a cumulative sales volume of $32.6 million according to data provided by Dune Analytics.
Growth Since Launch
Avatar holders surged following the collection’s launch but reached a plateau at around 3 million in November; however since the beginning of 2023 the number of Reddit avatar holders has increased by 80%.
Recent Partnership with Ubisoft
On May 26th Reddit announced support for gaming giant Ubisoft’s Rabbids NFT collection which allows users to claim free Rabbids NFT avatars for their profiles on the platform which have been quickly scooped up by users since being made available on May 28th .
A Redditor commented that bot activity may be responsible for some of that growth saying: “Actually there are some issues here and there with Avatars getting scooped or botted by some, it’s far from being perfect However I can’t think of a better use case for this technology!”