• There are at present 9,909,465 collectible avatar holders on Reddit.
• Of these, 7,650,072 are single collectible avatar holders.
• “Reddit NFT” launched in July 2022.

In line with knowledge revealed by Dune, Reddit Collectible Avatars holders are 90,535 folks away from the ten million milestone one month to a yr after launch.

Apparently, the vast majority of present Reddit NFT house owners solely hold one avatar, so they do not have a number of wallets.

Reddit collectible avatar

Reddit avatars launched in July 2022 after social media platform Reddit launched a collectible avatar market on the Ethereum scaling community Polygon. Reddit content material creators and impartial artists design the avatars within the assortment.

The Avatar assortment exploded within the first few months after launch, reaching a plateau at round 3 million holders in November 2022. However in 2023, its utilization accelerated, with holders greater than tripling within the final six months.

Along with the rise in holders, the Reddit Collectible Avatars market cap has risen to $38.4 million. There are a complete of 13.7 million NFT avatars within the Reddit assortment.

Since Avatar’s launch, greater than 303,000 models have been bought, price $32.6 million, in response to Dune evaluation.

However its spectacular efficiency was not with out its flaws. In Might of this yr, a Redditor going by the identify “ContextMelodic4212” on the platform hinted that bots could also be accountable for the spike in NFT exercise on Reddit. He stated:

“It is truly removed from excellent, with points right here and there, like avatars being scooped or botified by some folks, however I am unable to consider a greater use case for this expertise. yeah.”

Nevertheless, the bot difficulty has acquired much less consideration, and at a latest AMA with the r/India subreddit, Polygon co-founder Sandeep Nailwal stated he’s an enormous fan of Reddit’s avatars, citing a secondary market. I prompt launching a Locations and Artists Launchpad. .

Reddit additionally introduced help for gaming large Ubisoft’s Rabbids NFT assortment. Following the announcement, Redditors can now declare Rabbids NFT avatars free of charge to make use of on their profiles on the platform.