Reddit's NFT Avatars Attract Almost 10 Million Crypto Users

Reddit’s NFT Avatars Attract Almost 10 Million Crypto Users

Reddit’s ‘Reddit NFTs,’ which are collectible avatars, are on the cusp of a major landmark, with almost 10 million holders less than one year after their launch in July 2022.

Dune Analytics data reveals that there are presently 9,909,465 Reddit collectible avatar holders, with around 7.7 million being singular collective avatar holders who possess just one wallet.

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Last July, Reddit released NFT collectible avatars on the Ethereum scaling network Polygon. Independent artists and Reddit content creators designed this customizable collection of NFTs.

Since the beginning of 2023, Reddit’s avatar holders have seen an impressive 80% increase in numbers. The collection, which has a market capitalization of $38.4 million, boasts a remarkable 13.7 million NFT avatars.

1. What are Collectible Avatars

On May 26, Reddit announced its support for Ubisoft’s Rabbids NFT collection. Redditors can easily obtain and claim these free Rabbids NFT avatars for their profiles, which has resulted in high demand and rapid adoption. As a result, Rabbids are being swiftly snatched up as the free NFTs have taken Reddit by storm.

The significant growth and success of Reddit’s collectible avatars demonstrate that the platform’s user base is increasingly interested in and accepting of NFTs. The collaborations with Ubisoft and the introduction of the Rabbids NFT collection indicate the potential for continued expansion and innovation in the NFT space.

Compiled by Coinbold