Reddit’s NFT Sales Hit $32M, 10M Holders Since Web3 Launch

• Reddit is experiencing success with their NFT series, reaching almost 10 million holders and a market cap of $38 million.
• Reddit has recently launched the Rabbids NFT collection in partnership with Ubisoft to celebrate their one year anniversary in Web3.
• The most expensive Reddit avatar was sold for nearly $50,000.

Reddit Hits $32M in NFT Sales

Reddit’s non-fungible tokens (NFTs) are proving to be a hit amongst their large community. Since January 2023, they have dished out around 2,000 NFTs per month and reached a whopping 9,909,465 accounts holding NFTs with a market cap of $38,466,577. In celebration of their first year anniversary in Web3, Reddit has partnered up with Ubisoft to launch the Rabbids NFT collection featuring iconic alien rabbit characters and their red plungers.

10M Holders Since Web3 Launch

Since launching on Web3 last July 2022, the pro-blockchain social platform Reddit has seen an increase of 10 million users within its NFT ecosystem. The most expensive Reddit avatar was sold for nearly $50,000 while collections like The Senses and Foustlings have topped 1 million dollars in sales according to blockchain data analytics firm DuneAnalytics.

How To Get A Free Reddit Rabbids NFT

To claim one of the free Reddit x Ubisoft Rabbids NFTs all users must do is log into Reddit and press ‘Style Avatar’ where they will see the Rabbids under ‘Explore’ then simply press ‘Get’ initiating the minting process on Polygon (MATIC).

Why This Matters

With 1.66 billion users worldwide experiencing a 39% growth rate since last year this shows why it matters that such platforms like Reddit are integrating blockchain technology into its system as it provides not only convenience but security too when it comes to digital collectibles stored on one of the most secure blockchain platforms available which is Polygon (MATIC).

On The Flipside

Due to last year’s crypto market crash, Reddit refrained from using the term “NFTs” but rather “digital collectibles” for profile avatars which could have been due to providing some assurance or comfortability regarding cryptocurrency investments during such uncertain times..