Reddit’s NFT Phenomenon: Collectible Avatars Reach $32M in Sales Volume and Garner 10M+ Holders
The cumulative sales volume of Reddit’s collectible avatars has surpassed $32 million.
The total number of collectible avatar holders has reached over 10 million.
The highest-sold Reddit NFT went for close to $50,000.
Since launching in July 2022 on Polygon, Reddit’s NFT collectible avatars have hit new milestones $32 million in sales volume and over 10 million holders. Currently, Reddit’s collectibles have a market cap of almost $46 million.
This comes shortly after Reddit partnered with Ubisoft to launch the Rabbids NFT collection last week.
According to Dune Analytics data, the number of holders has been steadily increasing over time. At the beginning of May, there were just over 8.2 million holders. This means that Reddit has onboarded two million more NFT holders this month alone. Of the 10 million holders, 7.7 million hold single collectible avatars, meaning they don’t have multiple wallet addresses.
More than 304,000 collectible avatars have been sold. Most of the sales volume came from Reddit’s top three avatar collections poieeeyee, The Senses and Foustlings, which have generated $1.65 million, $1.3 million, and $1.04 million, respectively, as of writing this. The most expensive NFT was from The Senses collection, which sold for a whopping $49,597.
In early April, Reddit released its Gen3 avatars and recorded a total of 153,000 mints by 79,000 minters and a trading volume of $750,000 from 4,151 sales in its first week. Since then, that number has soared to nearly 3 million mints with a total sales volume of $3.2 million from 30,000 sales.
Even though interest in Reddit collectible avatars waned last October after hitting 2.5 million wallets, the collectible avatar volume shot up in November due to the launch of the Reddit Cup 2022 collectible avatars. Since then, collectible avatars have been gaining traction due to clever marketing tactics like avoiding the term “NFT” to win over anti-NFT Redditors, leading to record-high numbers today.
In a recent AMA on Reddit, Polygon co-founder said that “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 suggested that having a secondary marketplace to trade those NFTs and a launchpad for artists to launch their collections could “take Reddit NFTs to the next level.”
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