The social platform Reddit is now reaping the harvest of its hard work to onboard more users to its ecosystem. According to the blockchain analytics platform Dune Analytics, there are now more than 10 million holders of Reddit NFTs aka Reddit collectible avatars.
The data also shows that over 7.8 million avatar holders out of 10 million have a single wallet, hence a single collectible. With over 13.9 million collectible avatars existing at press time, Reddit has garnered more than $39.6 million in market capitalization.
In July 2022, Reddit harnessed Polygon to roll out its branded avatars. All of them were designed by Reddit content creators and independent artists. Reddit aimed to attract as many users as possible, therefore the company simplified the onboarding and buying processes and set an accessible price. It worked out well and within the first month, the Reddit Avatars crossed one million users. However, a great burst fell in 2023, namely the number of Reddit avatar holders increased by 80%. Several factors led to such a tangible surge. One of them is the launch of the third generation (Gen 3) of Reddit Avatars in April, trailing its Gen 1 and Gen 2 editions. Currently, there are more than 17,758 single collectible Gen 3 avatar holders with more than $3 million in total sales volume.
On May 26th, Reddit took another bold step to deepen its stance in the realm. It forged a partnership with the video game publishing company Ubisoft to launch the Reddit Rabbids x Reddit Collectible Avatars. The series is filled with nostalgic memories of playing Raving Rabbids by Ubisoft and the modern vibes of avatars’ popularity. This launch triggered an upward trend for Reddit Avatar metrics.
Believing in the potential of the Reddit ecosystem, Polygon’s co-founder Sandeep Nailwal said during an AMA with r/India subreddit:
“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.”
With its current surge in the number of users and revenue, Reddit stays poised at positioning itself as a leading social platform embracing the non-fungible movement. Reddit’s activity is worthy of praise and appreciation as it’s one of a few brands that managed to thrive during a bear market.