The Reddit Collectible Avatars were launched in July 2022 as a collectible avatar market on the Ethereum Scaling network Polygon. Reddit Content creators and independent designers design the avatars for the collection.
Since the avatars launched, over 303k units worth $32.6 millions have been sold according to Dune analysis. The majority of current Reddit Holders of NFTs only have one avatar. As of November 2022, there were approximately 3 million holders, and by 2023, the number had increased to 9,909,465. Of these, 7,650,072 are single Collectible Avatar Holders.
The Reddit Avatars Market capitalization has increased to $38.4 millions and there are currently 13.7 million NFT avatars in the Reddit collection.
However, during a recent AMA on r/India subreddit, Polygon co-founder Sandeep Nailwal stated that he is a big fan of the Reddit Avatars and suggested the launch of a secondary market and an artist Launchpad. Reddit has also pledged its support for Ubisoft’s Rabbids NFT collection, allowing users to claim Rabbids NFT avatars for free.
Despite the growth of the Reddit Collectible Avatars, Redditor “ContextMelodic4212” on the platform insinuated the likelihood of bots being responsible for the surge in activities, saying: “Actually there are some issues here and there with Avatars getting scooped or botted by some, it’s far from being perfect. However, I can’t think of a better use case for this technology!”