The launch of Reddit’s Polygon-based collectible avatar marketplace back in July 2022 raised a lot of eyebrows. With an ongoing crypto winter and an overall bearish market, let alone the Ukraine war, a lot of investors and analysts predicted nothing good for Reddit’s new venture.
However, after more than seven months in, Reddit proved them all wrong and BestBrokers’ analyst team decided to dig into the raw blockchain data and examine the current market state of Reddit’s NFTs.
It turns out that the Collectible Avatars market cap exceeds $36 million with over 10.6 million items minted since the launch of the marketplace.
“Reddit started their NFT venture in very harsh times for both cryptocurrencies and NFTs. However, the over 330-million user base Reddit already had surely helped them reach this rather impressive market cap. Additionally, we should commend the company for the marketing efforts and the effective plan to present the NFTs as ‘Digital Collectives’ to make anti-NFT redditors less discontent.”
– comments Alang Goldberg, analyst at BestBrokers.
Record prices for some avatars
Current, the most expensive sale was finalised on 24.10.2022 – user u_jwpapi paid the creator rojomcoin 30 ETH ($40,472 at the time of the sale) for an avatar named The Hands #1, currently listed for 150 ETH on OpenSea.
Although these prices are a little bit unrealistic, they might be justified soon with the interest in the avatars only growing and the number of minters (10.04 million) going close to the total number of minted NFTs.
Minters and avatar holders
Currently, the number of Collectible Avatar holders is just above 7.18 million (17.39% increase so far in February compared to January 2023).
The total minters exceed 10 million (26.66% increase so far in February compared to January 2023).
“At glance, the new minters monthly growth does not look steady enough. However, we have to take into account that fluctuations are actually spikes in interest with some significant events happening. The collections ‘Reddit Cup 2022’, ‘Reddit Recap 2022’, and ‘Super Bowl LVII’ account for most of the minted NFTs. With almost the entire 2023 still ahead of us, we can expect more similar spikes and respectively way more Collectible Avatars minted”
– adds Alan.