In an impressive milestone for the NFT industry, Reddit Collectible Avatars NFTs are on the cusp of reaching a whopping 10 million holders. This achievement underscores the expanding acceptance of the collection since it first hit the scene in July 2022.
Over time, Reddit Collectible Avatars have steadily grown to become one of the largest and most recognizable NFT collections in the global marketplace. Boasting a robust market cap of $44.1 million and encompassing 13.7 million avatars, this collection has consistently gained traction, now boasting 9.9 million holders—the highest number in its history.
Popularity and Market Influence of Reddit’s NFT Collection
While the collection’s momentum has slowed slightly from its peak in December 2022 and January 2023, its enduring popularity remains evident. Total sales volume stands at an impressive $32.68 million, with cumulative sales volume exceeding 303,000 transactions.
The remarkable success of Reddit Collectible Avatars confirms that a major social media platform can make a lasting and significant impact on the NFT market. The collection’s growth has been substantial since its July 2022 inception, as reflected in its impressive sales and adoption figures.
Cracking the Code for NFT Adoption
Co-founder of Polygon, Sandeep Nailwal, a prominent figure in the crypto sphere, recently hosted an AMA session on Reddit. During this interactive session, Nailwal lauded Reddit as the singular platform that has “cracked the NFT code” for adoption. His accolades were in direct reference to Reddit’s Collectible Avatars.
In addition to their popularity, these NFTs are also performing well in secondary markets. This is, in no small part, due to the almost 10 million users who actively utilize the avatars. Powering these transactions, the avatars run on the Polygon network.
These Avatars are not only providing unique digital identities for users, but also enhancing the liquidity and dynamism of the NFT landscape. As they inch closer to their next significant milestone, they underline the potential for sustained growth and wider adoption of NFTs in the digital world.
