Reddit NFT Holders on the Rise
Dune Analytics, a reputable source for blockchain data, has reported a significant milestone: nearly 10 million users now own “Reddit NFTs” on Polygon, an Ethereum sidechain. Launched in July 2022, the customizable collection from Reddit, a popular social media platform, has gained considerable traction.
Reddit Collectible Avatar Marketplace Blooms
The Reddit collectible avatar marketplace on Polygon, featuring NFTs designed by independent artists and creators within the Reddit community, has garnered attention and activity. After a slight stagnation in November, with avatar holders hovering around three million, the beginning of 2023 marked rapid growth, with the number of wallets tripling in six months.
Surging Market Capitalization
Today, the Reddit Collectible Avatars’ market capitalization stands impressively at $38.4 million. This value is backed by a stunning collection of 13.7 million NFT avatars. 2023 has seen an 80% increase in Reddit NFT holders, reinforcing the steady popularity of these digital collectibles.
A Thriving Secondary Market
The rise in Reddit avatar holders has also fueled a flourishing secondary market. Data shows 303,033 sales so far, amounting to a cumulative sales volume of $32.6 million. Despite this success, some members of the Reddit community have raised concerns about potential bot activity inflating these figures.
Reddit and Ubisoft: A Winning Combo
Adding to the buzz around Reddit NFTs, the platform recently announced it would support Ubisoft’s Rabbids NFT collection. Ubisoft, already known for pioneering in-game NFT items with their Rabbids avatar collection for the metaverse game The Sandbox, sees this partnership as a significant development.
AMA with Polygon Co-Founder
Sandeep Nailwal, Polygon co-founder, recently hosted an Ask-Me-Anything (AMA) session on Reddit. In his remarks, Nailwal lauded Reddit’s NFT initiative, describing the platform as the only one to have successfully “cracked the code” for NFT adoption.
As Reddit’s NFT journey continues, both the platform and its users await what the future holds for digital collectibles. With nearly 10 million holders and a flourishing secondary market, Reddit NFTs are shaping the narrative of digital assets.
