Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
After nearly 11 months since its launch in July 2022, the social platform Reddit is on the verge of surpassing 10 million holders of its collectible avatars, known as “Reddit NFTs.”
This milestone represents another remarkable achievement for the NFT collection by Reddit, solidifying its position as one of the largest and most renowned NFT collections in the market.
With its widespread recognition and global appeal, Reddit’s NFT collection has garnered substantial acclaim within the NFT community and beyond. Based on data from Dune Analytics, the current count of Reddit collectible avatar holders stands at approximately 9,909,465 million.
Among these holders, around 7.7 million are categorized as single collective avatar holders, indicating users who possess only one avatar and do not utilize multiple wallets for their holdings. This information provides insights into the distribution and ownership patterns within the social media’s collectible avatar community.
The platform had launched its collection of NFT collectible avatars on the Ethereum Layer 2 scaling network Polygon. These unique NFTs allow users to customize their avatars with designs created by independent artists and Reddit content creators.
This initiative not only provides a platform for artists to showcase their work but also allows Reddit users to express their individuality and engage with the NFT ecosystem in a personalized way.
Reddit Avatar Holders Witness 80% Surge In Numbers Since 2023
Since the beginning of 2023, Reddit’s avatar holders have experienced a remarkable surge, with their numbers increasing by an impressive 80%.
This significant growth highlights the growing interest and adoption of these NFT collectible avatars. With a market capitalization of $38.4 million, the collection now consists of an impressive 13.7 million NFT avatars.
Although the Reddit NFT collection may have experienced its peak in terms of mints during December 2022 and January 2023, its overall popularity in the market remains evident.
With a total sales volume of $32.68 million and cumulative sales surpassing 303,000, the collection has garnered significant attention and demand from NFT enthusiasts. Despite not currently being at its peak, the collection’s impressive sales volume and popularity highlight its appeal and success within the NFT market.
In an exciting development, Reddit revealed its support for Ubisoft’s Rabbids NFT collection on May 26. As part of this collaboration, Redditors have the opportunity to claim free Rabbids NFT avatars for their profiles on the platform. The availability of these avatars has generated significant interest among users, resulting in the rapid acquisition of NFTs.
Rabbids first emerged as a spin-off video game from the Rayman series called “Rayman Raving Rabbids” released in 2006. Ubisoft, as a major video game publisher, made significant strides in the realm of NFTs by being the first to introduce in-game NFT items in December 2021.
In February, Ubisoft further expanded its NFT offerings by launching the Rabbids NFT avatar collection specifically designed for the metaverse game called The Sandbox.
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.