Reddit NFTs reach 10 million holders milestone

Collectible avatars of the popular social media platform Reddit have recently reached a major milestone of 10 million holders.

According to data from Polygon Analytics via the blockchain analytics platform Dune, the number of Reddit collectible avatar holders currently stands at 10,029,018. The avatars, also known as “Reddit NFTs,” managed to achieve the figure only eleven months after its launch.

Among those millions of avatar holders, 7.7 million individuals possess a single avatar in their wallets, meaning most users hold only one avatar and do not utilize multiple wallets for their holdings.

Launch, Gen 3 expansion, and growth

Reddit launched its collectible avatars collection on the Ethereum Layer 2 blockchain platform Polygon in July 2022. Designed by content creators and independent artists, the collection features the platform’s alien mascot Snoo with various themes and styles, such as Halloween theme and Super Bowl tie-ins.

Reddit further expanded its collection by launching the third generation of the NFTs, which featured a much larger pool of artists. While the first two collections featured 32 artists combined, the Gen 3 drop alone includes over 100 artists. One of the artists from the expanded roster was Chris Torres, who created the popular Nyan Cat meme.

Although the number of avatar holders plateaued in November 2022 at approximately 3 million holders, the figure has since tripled since the start of 2023. This means the NFTs have experienced an 80 percent surge in owners since the beginning of 2023, with the most NFTs minted in one day recorded during December 2022.

The NFT collection now has $45.8 million in market capitalization, comprising 13.8 million avatars. The collection also has a cumulative sales volume of more than 304 thousand, with a total value of $32.6 million traded since launch, according to Polygon Analytics via Dune.

Who knew a plunger was just what your Avatar needed? 🪠 In partnership with Ubisoft, we’re bringing @RabbidsOfficial to Reddit! Get your Rabbids #RedditCollectibles now.https://t.co/e81Zn0Yr6S pic.twitter.com/1lKFUU0rrJ

— Reddit (@Reddit) May 25, 2023

During a recent Ask Me Anything (AMA) session on the r/India subreddit, Polygon co-founder Sandeep Nailwal expressed his admiration for the Reddit avatars and proposed launching a secondary marketplace and an artist Launchpad.

“Reddit is perhaps the only well-known Big Tech company who has cracked the NFT code, and they are able to drive a lot of engagement with Reddit NFTs,” Nailwal wrote.

Building upon this momentum, Reddit announced its support for video game publisher Ubisoft’s Rabbids NFT collection on May 26. Redditors can now acquire and claim these free Rabbids NFT avatars for their profiles, resulting in high demand and rapid adoption within the community.

Ubisoft initially introduced Rabbids in a spin-off to the Rayman video game series. Demonstrating their commitment to NFTs, Ubisoft became the first to introduce in-game NFT items in December 2021.

Building on their NFT endeavors, Ubisoft expanded their offerings in February by launching the Rabbids NFT avatar collection specifically designed for The Sandbox, a metaverse game.

Possible bot interference

Despite the surging number of holders and the support the avatars receive, not all Redditors believe everything is going well with the NFTs. For instance, on May 28, u/ContextMelodic4212 raised concerns about potential bot interference causing an irregular surge in Reddit NFTs activity.

“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!” the Redditor wrote.

The Reddit thread received 192 comments with mixed reactions. Many wondered the same thing as the poster, while others suggested that some holders may simply possess multiple Reddit accounts to support their own assumptions.