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Reddit NFTs have seen staggering success since their launch, with the platform registering 10 million NFT holders and hitting $32 million in sales.&nbsp;
The most expensive Reddit avatar was sold for a whopping $50,000.&nbsp;
Crunching The Numbers&nbsp;
The Reddit NFT collection was released in July 2022 and has gained significant traction since and is loved by the platform&rsquo;s community. According to the available on-chain data, a staggering 9,900,465 Reddit accounts hold NFTs, with the collectibles having a market capitalization of over $38 million. Most of this success can be attributed to its trademark collections, such as Foustlings, The Senses, and poieeeyee, which have individually topped over $1 million in sales.
Out of the over 9 million Reddit NFT holders, 7.7 million are single collective avatar holders. This means that these users hold a single avatar and do not operate multiple wallet addresses. The Reddit avatar marketplace on Polygon also features NFTs designed and created by independent artists from the Reddit community.&nbsp;
Rapid Growth In 2023&nbsp;
While the initial surge of users collecting avatars stagnated after hitting the 3 million mark, 2023 has seen the pace pick up again. Specifically, the number of wallets has tripled over the past six months, with Reddit NFT holders increasing by 80% since the beginning of 2023. The growing user base has also resulted in thriving secondary markets for these NFTs. Data has suggested that there have been 303,033 sales, leading to a sales volume of over $32 million.&nbsp;
The spike in Reddit NFT activity was pointed out by Reddit user &ldquo;ContextMelodic4212,&rdquo; who congratulated the platform. However, the user raised concerns regarding bot activity on the platform driving the growth of Reddit NFTs.
Reddit Adds Support For Ubisoft&rsquo;s Rabbids&nbsp;
Reddit also announced that it is adding support for Ubisoft&rsquo;s Rabbids NFT collection. The platform tweeted the announcement from its official Twitter handle. stating,

&ldquo;Who knew a plunger was just what your Avatar needed? In partnership with Ubisoft, we&rsquo;re bringing @RabbidsOfficial to Reddit! Get your Rabbids #RedditCollectibles now.&rdquo;

Rabbids originally originated from the popular video game series Rayman. Ubisoft had launched the Rabbids NFT avatar collection for the metaverse game The Sandbox, becoming a pioneer for in-game NFT items. To claim the Reddit x Ubisoft Rabbid NFTs, users must log in to their Reddit account and click on &ldquo;Style Avatar.&rdquo; Users will be redirected to a new dialog box where they can select the Rabbid NFTs under the &ldquo;Explore&rdquo; tab. After selecting the NFT, they can click on &ldquo;Get&rdquo; and initiate the minting process on Polygon.&nbsp;
Sandeep Nailwal, the co-founder of Polygon, praised the platform while talking about the collectible avatars in a recent AMA (Ask Me Anything) on Reddit. According to Nailwal, Reddit has been the only platform to &ldquo;crack the code&rdquo; for NFT adoption. Reddit is one of the biggest social media platforms, with over 1.6 billion users.&nbsp;
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Reddit NFTs Hit $32M In Sales, Cross 10M Holders

Crypto Daily™

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