Reddit Collectible Avatars, a collection of NFT avatars launched by social media platform Reddit in July 2022, are approaching the 10 million holder milestone. According to data from Dune Analytics, there are currently 9,053,465 holders of Reddit Collectible Avatars.
The majority of Reddit Collectible Avatars holders only hold one avatar, meaning they do not have multiple wallets. This suggests that the avatars are being used by real people, rather than bots or other automated accounts.
The popularity of Reddit Collectible Avatars has been growing steadily since their launch. In the first few months after launch, the number of holders increased rapidly, reaching a plateau of around 3 million in November 2022.
However, the uptake has picked up in 2023, with the number of holders more than tripling in the last six months.
The growing popularity of Reddit Collectible Avatars is likely due to a number of factors, including the fact that they are relatively affordable, starting at just $9.99, and that they offer a unique way to personalize one’s Reddit profile.
Additionally, the avatars are designed by a variety of Reddit content creators and independent artists, which gives them a unique and creative flair.
The success of Reddit Collectible Avatars is a sign of the growing popularity of NFTs. NFTs, or non-fungible tokens, are unique digital assets that can be used to represent a variety of things, including art, music, and even real estate.
As NFTs become more mainstream, it is likely that we will see more and more companies like Reddit launch their own NFT collections.
Is There a Problem with Bots?
While the popularity of Reddit Collectible Avatars is undeniable, there have been some concerns raised about the possibility of bots being responsible for some of the activity in the market.
In May 2023, a Redditor by the name of “ContextMelodic4212” insinuated that bots may be responsible for the surge in the number of sales of Reddit Collectible Avatars.
However, there is no concrete evidence to support this claim. Additionally, Polygon co-founder Sandeep Nailwal stated that he was a great fan of the Reddit avatars and suggested launching a secondary marketplace and an artist Launchpad.
This suggests that the team behind Reddit Collectible Avatars is aware of the potential for bots and is taking steps to mitigate the issue.