"Social platform Reddit is nearing a significant milestone as it approaches 10 million holders of its collectible avatars, known as ""Reddit NFTs."" Launched in July 2022, the collection has gained considerable popularity, with a current count of 9,909,465 million Reddit collectible avatar holders. Among them, approximately 7.7 million are individual collectors without multiple wallets. The avatars, designed by independent artists and Reddit content creators, are traded on the Ethereum scaling network Polygon's marketplace.
Initially, the number of avatar holders experienced a surge, peaking at around 3 million in November. However, the number of wallets tripled in the past six months in 2023, marking a remarkable growth spurt. This surge has led to an 80% increase in Reddit avatar holders since the beginning of the year. As of now, the Reddit Collectible Avatars market capitalization stands at $38.4 million, featuring an impressive collection of 13.7 million NFT avatars.
Reddit has further expanded its NFT offerings by supporting Ubisoft's Rabbids NFT collection. Redditors can now claim free Rabbids NFT avatars for their profiles, resulting in rapid adoption of these avatars within the community. The Rabbids originated as a spin-off from the Rayman video game series and gained recognition as Ubisoft's first foray into in-game NFT items back in December 2021. Following their success, Ubisoft launched the Rabbids NFT avatar collection for The Sandbox, a metaverse game, in February. The integration of this popular collection has only added to the growing appeal of Reddit's NFT ecosystem."
