There are now almost 10 million holders of Reddit NFTs on Polygon, cryptonews.com wrote, citing data from Dune Analytics. What’s more, their number is increasing.
Reddit’s customizable NFT collection, which was launched in July 2022, has seen its popularity soar. The exact number of owners is 9,947,410 according to blockchain data.
Most people have a single avatar
The majority of these owners – around 7.7 million – hold a single avatar. They don’t use more than one wallet address.
The NFTs on the social media platform’s collectible avatar marketplace were designed by independent content creators and artists, who are members of the Reddit community.
2023 has seen rapid growth in users
Following an initial spurt in avatar holders, the number leveled off at around three million at the end of 2022. In 2023, there has been dramatic growth. The number of wallets has increased threefold in the past six months.
Market cap is just under $40M
The market capitalization of Reddit’s NFT avatars is $38.4 million. There are 13.7 million NFT avatars in total. Secondary markets are flourishing as a result of the growing user base. According to the data available, more than 300,000 NFTs have been sold, with the total sales volume being $32.6 million.
The Reddit user “ContextMelodic4212” congratulated Reddit on the achievement, but expressed concern about bot activity potentially contributing to the growth.
“It’s undeniable that Reddit RCA are a league of their own. It’s a unique concept that blends art with collectibles. There are some issues here and there with Avatars getting scooped or botted…it’s far from being perfect.”
Not too farfetched
Bots can be programmed or designed to acquire, manage, and trade virtual assets on behalf of their owners or operators. These bots can automatically farm, collect in-game resources, and participate in virtual auctions. The use of bots may violate the terms of service or rules set by Reddit.