Reddit, the prominent social platform embracing blockchain technology, is experiencing a remarkable surge in popularity fueled by the success of its Reddit collectibles.
Launched in July 2022, this series of non-fungible tokens (NFTs) has garnered immense adoration within its vast community. Renowned for their uniqueness, affordability, and the utilization of the highly secure Polygon (MATIC) blockchain platform, these collectibles have taken the platform by storm.
The staggering statistics emerging from on-chain data reveal that an astounding 9,909,465 Reddit accounts are currently holding NFTs, solidifying the widespread adoption of these digital assets.
Furthermore, the total market capitalization for Reddit collectibles has skyrocketed to an impressive $38,466,577.
Notably, the resounding success of the inaugural year can be attributed to the popularity of trademark collections such as The Senses, poieeeyee, and Foustlings.
Each of these collections has achieved sales surpassing the remarkable milestone of $1 million, as corroborated by blockchain data analytics firm DuneAnalytics.
To adapt to the turbulent nature of the crypto market following last year’s crash, Reddit tactfully refrained from explicitly referring to these digital assets as NFTs, opting instead to label them as “digital collectibles” for profile avatars.
With a colossal user base of 1.66 billion individuals worldwide, Reddit remains a towering force within the realm of social platforms.
Notably, the platform has witnessed a staggering 39% growth since the previous year, further solidifying its position as one of the largest and most influential online communities.