Reddit Collectible Avatars are approaching the 10 million holder milestone, according to data from Dune Analytics. The avatars were launched in July 2022 and have seen significant growth in popularity in recent months.
The majority of current Reddit NFT holders only hold one avatar, meaning they do not have multiple wallets. This suggests that the avatars are being used by a wide range of users, rather than a small number of collectors.
The Reddit Avatars collection is designed by Reddit content creators and independent artists. The avatars are available for purchase on the Polygon blockchain.
Since the launch of the avatars, there have been over 303,000 sales worth $32.6 million. The market capitalization of the Reddit Collectible Avatars is now $38.4 million.
The success of the Reddit Collectible Avatars is a sign of the growing popularity of NFTs. The avatars offer a unique way for users to personalize their Reddit profiles, and they are also a valuable investment for collectors.
Issues with Bots?
However, the success of the Reddit Collectible Avatars has not come without issues. In May 2023, a Redditor alleged that bots were responsible for some of the recent sales activity. The Redditor said that they had seen avatars being “scooped” up by bots and that this was “far from being perfect.”
Despite these concerns, Reddit Collectible Avatars continues to be a popular choice for users. The avatars offer a unique way to personalize a Reddit profile, and they are also a valuable investment for collectors.
Polygon co-founder Sandeep Nailwal has expressed support for the Reddit Collectible Avatars. In a recent AMA with the r/India subreddit, Nailwal said that he was a “great fan” of the avatars and suggested launching a secondary marketplace and an artist Launchpad.