With nearly 10 million users participating, how does Reddit's NFT avatar collection create a market miracle?

Reddit's NFT collection peaked in the number of mints between December 2022 and January 2023, and the collection currently has a total sales of $32.68 million, with cumulative sales exceeding 303,000.

Written by: Bitcoinist

Compilation: Blockchain Knight

Since its launch in July 2022, the social platform Reddit has had nearly 10 million users who hold its collectible avatars, which are called "Reddit NFTs."

This result not only represents another outstanding achievement for Reddit in the NFT collectible market, but also cements its position as one of the largest and most famous NFT collectibles.

With its wide recognition and global appeal, Reddit's NFT collection has received great acclaim from the NFT community and beyond. According to Dune Analytics, there are currently about 9.9 million Reddit collectible avatar holders.

Of these holders, approximately 7.7 million were classified as single collectible avatar holders, meaning users who only own one avatar and do not use multiple wallets to hold their avatar Distributed and ownership models for the favorite avatar community.

The platform also launched its collection of collectible NFT avatars on Polygon, unique NFTs that allow users to customize their avatars with designs created by independent artists and Reddit content creators.

This initiative not only provides a platform for artists to showcase their work, but also allows Reddit users to express themselves in a personalized way and participate in the NFT ecosystem.

Since the beginning of 2023, Reddit's avatar holders have been on the rise, and their number has increased by a staggering 80%. This significant growth reflects the growing user interest and adoption of these NFT collectible avatars. The collection currently has a market value of $38.4 million and contains 13.7 million NFT avatars.

Reddit's NFT collection reached its peak minting volume between December 2022 and January 2023, Currently the collection has a total sales of $32.68 million, with cumulative sales exceeding 303,000, attracting a large number of NFT enthusiasts Concerns and needs. Although not at its peak right now, the collectible's staggering sales and popularity underscore its appeal and success in the NFT market.

Excitingly, Reddit announced support for Ubisoft's Rabbids NFT collection on May 26. As part of this collaboration, Reddit users had the opportunity to claim free Rabbids NFT avatars, and the availability of these avatars generated a lot of interest among users.

Rabbids originated from the Rayman series spin-off video game "Rayman Raving Rabbids" released in 2006. As a major video game publisher, Ubisoft has made significant progress in the NFT field and launched the first in-game NFT in December 2021 thing.

In February, Ubisoft further expanded its NFT offerings, launching a collection of Rabbids NFT avatars designed specifically for The Sandbox, a metaverse game.