Social platform Reddit is on the verge of reaching 10 million holders of its collectible avatars, or Reddit NFTs, about 11 months after its launch in July 2022. According to Dune Analytics, there are currently a total of 9,909,465 million Reddit collectible avatar holders. Reddit launched a collectible avatar marketplace on the Ethereum scaling network Polygon in July 2022, with customizable NFTs in the collection designed by independent artists and Reddit content creators.
Avatar holders experienced an initial surge following the launch, but plateaued at around 3 million in November. However, there has been significant growth in 2023, with the number of wallets tripling during the past six months. Since the beginning of 2023, the number of Reddit avatar holders has experienced an increase of 80%. The Reddit Collectible Avatars market capitalization is $38.4 million, with 13.7 million NFT avatars in the collection.
While these numbers are impressive, some users have expressed concern about the influence of bot activity on the growth. Some avatars are being scooped or botted, which presents challenges in evaluating the true growth and popularity of the platform.
Recently, on May 26, Reddit announced support for gaming giant Ubisoft’s Rabbids NFT collection, allowing Redditors to claim free Rabbids NFT avatars for their profiles on the platform. These avatars are being claimed rapidly and reveal how the integration of popular gaming franchises like Rabbids can potentially contribute to the widespread adoption of NFTs.
The integration with Ubisoft’s Rabbids NFT collection is facilitated by Polygon, which plays a crucial role in the overall growth of NFTs on Reddit. Polygon co-founder Sandeep Nailwal expressed his admiration for Reddit NFTs during an AMA with r/India subreddit, stating, “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.” He also suggested that having a secondary marketplace and an artist launchpad “could be some great additions to take Reddit NFTs to the next level.”
Nonetheless, the growth in Reddit NFTs should be viewed with caution given the potential for bot activity. It’s crucial for the platform to address this issue in order to maintain trust among its user base and ensure future sustainable growth in this innovative space.