Since debuting in July 2022, Reddit’s Collectible Avatars have firmly established themselves as a recognized and prominent force on the NFT collectibles scene. Despite peaking in December 2022 and January 2023, Reddit NFTs sustain their popularity, with a base of just over 10 million holders and a total market cap of $38.4 million, and manifesting with widespread adoption and consistent growth.
Following the success of Reddit’s Collectible Avatars NFTs like ‘Snoo’ selling on secondary marketplaces for huge sums, the once-free Rabbids NFTs are now up for grabs on OpenSea, with the highest registered sale being Unicorn Rabbid #9 for $669 (0.35 ETH).
The Influence of Social Media on NFTs
The positive trajectory of Reddit Collectible Avatars highlights the influence social media platforms can have on establishing digital assets. The measurable growth that these collectibles have witnessed since their inception speaks a thousand words about the potential of NFTs when mixed with popular social media sites and its target market.
In a recent AMA session hosted on Reddit, the co-founder of Polygon, Sandeep Nailwal, spoke about Reddit’s NFT triumphs, affirming that Reddit is the only social media hub that has “cracked the code” for NFT uptake, which, in turn, has drawn even more attention to the collectible avatars.
Reddit’s NFT user base passing 10 million has resulted in lively trading activities on secondary marketplaces, further reinforcing the weight of the Polygon NFTs. This development also highlights the role of social media to boost the innovation of blockchain technologies.
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