Introduced on Polygon in July 2022, Reddit NFT achieved remarkable milestones, with sales volume surpassing $32 million and the number of owners exceeding 10 million. At present, the market capitalization of Reddit’s collectibles stands at nearly $46 million. This noteworthy achievement follows Reddit’s recent collaboration with Ubisoft for the launch of the Rabbids NFT collection.
According to data from Dune Analytics, the count of holders has been steadily rising over time. In early May, the number of holders was slightly above 8.2 million. This indicates that Reddit has onboarded an additional two million NFT holders in just this month alone. Among the 10 million holders, 7.7 million possess individual collectible avatars, meaning they do not hold multiple wallet addresses.
Reddit NFT Sales And Volume
Over 304,000 collectible avatars have been successfully sold on Reddit’s platform. The majority of the sales volume originated from the top three avatar collections: poieeeyee, The Senses, and Foustlings. These collections have generated impressive revenue amounts, with poieeeyee bringing in $1.65 million, The Senses garnering $1.3 million, and Foustlings amassing $1.04 million, at the time of writing. Among these, the highest-priced NFT was from The Senses collection, fetching an astounding $49,597.
In early April, Reddit introduced its Gen3 avatars, resulting in a total of 153,000 mints by 79,000 unique minters. In the first week alone, these avatars witnessed a trading volume of $750,000 from 4,151 sales. Since then, the popularity of these avatars has soared, with nearly 3 million mints and a total sales volume of $3.2 million from 30,000 sales.
Although interest in Reddit collectible avatars declined last October after reaching 2.5 million wallets, the introduction of the Reddit Cup 2022 collectible avatars in November reignited the demand. Clever marketing strategies, such as avoiding the term “NFT” to appeal to anti-NFT Redditors, have contributed to the current surge in popularity and record-breaking numbers.
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