What the numbers say: Dune Analytics' data has shown that the popular social media platform Reddit's NFT avatars have recently surpassed 10 million in holder numbers, increasing by 80% since the beginning of the year. The statistics have pointed out that 7.77 million of these holders, accounting for 78%, have a single Reddit NFT avatar, while the rest operates multiple wallet addresses. Reddit NFTs, with a $38.4M market cap, also hit $32.6M in cumulative sales volume. Relevance: Reddit launched its long-awaited Reddit Avatars NFT collection on the Polygon blockchain in July 2022. The 40,000-piece initial collection sold out quickly on the Reddit marketplace following the launch. However, there are currently 13.7 million NFTs in the collection, and the most expensive one was sold for $50,000. The NFTs, designed by independent artists and Reddit content creators, allowed holders to use them as their Reddit profile pictures. The NFT-based avatars' clothes, accessories, and overall looks can also be customized using the platform's native avatar builder. Besides, the holders receive the licensing rights to the NFT when they buy a Reddit avatar. Brands that should care: With the increased popularity of NFTs, mainly in 2021, many other social media giants, including Twitter and Instagram, also embraced this trend last year by integrating NFT-related features into their platforms. Some of these social networks, like Instagram and Facebook, then abandoned these features this year since they did not attract the expected attention. |
