Reddit Collectible Avatars includes a variety of NFT collections created and contributed by independent artists around the world. At the moment, the first generation of Collectible Avatars is recorded to have 60 sub-collections, all of which are completely sold out.
Released in August, 2022 on Polygon network, Reddit Collectible Avatar marked the day Reddit stepped foot on the NFT market. These NFTs are available for trading across the marketplaces, most of which are collected and displayed as profile pictures by users of Reddit.
Reddit Collectibles Avatars is now having over 2.8M NFT wallets holding NFTs, most of which come from holders with only one NFT in their storage. This leads to the overall impression that most people buy these avatars, indeed, to collect them as property and set them up as avatars rather than for other purposes like speculation or investment.
In October of 2022, Reddit Collectibles Avatars marked a new milestone with the sudden growth of popularity across marketplaces. It is reported that over the last 24 hours, the trading volume of these collections reached an all-time high at 2.5M USD, taking over 50% of the total records since its debut.
The total market capitalization of the project is currently around 100M USD.
The most expensive item coming from Reddit Collectible Avatars is The Hand #1 of The Senses, last purchased at 30 ETH (approximately 40,000 USD).
Foustlings x Reddit Collectible Avatars is one of Reddit's best-selling collections, having recorded more than 565 ETH of trading volume in total.
In addition, 04 out of 60 collections from Reddit Collectibles Avatars entered Top 10 highest trading volume collections on OpenSea.
Reddit seems to have succeeded in its very first entrance to the cryptocurrency industry. Over 400M users of this platform have been introduced to the idea of digital assets in a creative & friendly way, considering the controversy around NFTs in the last several months. This is, with no doubt, a positive sign for web3 mainstream adoption, as well as a great model for web3 builders to refer to in the near future.
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