Reddit's NFT Revolution: A Journey Towards 10 Million Avatar Holders

Reddit, the widely used social media platform, is on the verge of reaching an impressive landmark – amassing 10 million owners of its distinctive "Reddit NFTs" or collectible avatars. Nearly a year after their debut in July 2022, these digital collectibles have seen extraordinary growth.

The latest statistics from Dune Analytics reveal a remarkable 9,909,465 total Reddit NFT avatar owners. Out of these, approximately 7.7 million are registered as individual avatar owners, suggesting they don't own multiple wallets.

Reddit's exclusive artist market

In an innovative move in July 2022, Reddit launched a marketplace for collectible avatars on the Ethereum scaling network, Polygon. This unique NFT collection is the brainchild of a wide range of artists and Reddit creators.

After a initial surge in avatar owners following the launch, the numbers settled around 3 million in November. However, the first half of 2023 saw a significant increase, with the number of wallets tripling.

The astonishing growth of Reddit NFTs in 2023

2023 has been a milestone year for Reddit avatar owners, witnessing an impressive 80% growth since the start of the year. The market capitalization of Reddit Collectible Avatars now exceeds $38 million, with a broad collection of nearly 14 million NFT avatars.

Furthermore, the avatar marketplace has recorded over 303,000 transactions, totaling a cumulative sales volume close to $33 million.

Trials and collaborations: Reddit's NFT journey

While these achievements are noteworthy, the adoption journey of NFT avatars has seen its share of challenges. Some Reddit users pointed out possible bot activity that could potentially inflate growth numbers. Nonetheless, users also acknowledged the creative application of technology, despite some hurdles.

In a recent alliance, Reddit announced support for Ubisoft's Rabbids NFT collection on May 26. Reddit users can now claim these complimentary Rabbid NFT avatars for their profiles, which are quickly running out. Originating from the 2006’s Rayman Raving Rabbids video game, the Rabbids NFT avatar collection is a welcome addition to the metaverse game The Sandbox.

Reddit's success in the NFT arena

Reddit's inventive approach to NFTs has not been overlooked. Sandeep Nailwal, co-founder of Polygon, lauded Reddit in an AMA with the r/India subreddit on May 25. He admired Reddit's successful involvement with NFTs, stating, “Reddit is perhaps the only well-known Big Tech company who has cracked the NFT code.” He suggested introducing a secondary marketplace and an artist launchpad to further enhance Reddit's NFT operations.

As Reddit approaches the 10-million threshold, its ground-breaking NFT initiative demonstrates the enormous potential of integrating blockchain technology and digital collectibles into social media platforms. This certainly indicates a fascinating future for the crypto and NFT industry.