Reddit’s Collectible Avatars (Reddit NFTs) is now one of the largest identity NFT collections, surpassing ENS, Unstoppable Domains and POAP by over twice the number of NFTs minted
Within just 4 months of launching, Reddit’s Collectible Avatars (Reddit NFTs) have surpassed popular digital identity NFT collections Ethereum Name Service (ENS) and Unstoppable Domains. These limited-edition avatars designed by independent artists were launched in July 2022, and are actively used by Redditors as profile pictures on the popular forum Reddit.
Having achieved 1.15 million NFTs minted as compared to Unstoppable Domains’ 1.08 million at the end of August, Collectible Avatars is now one of the largest NFT collections, with 3.5X the amount of NFTs minted for Unstoppable Domains.
Around 24 days later, Collectible Avatars successfully caught up with ENS, boasting 2.264 million NFTs minted, as compared to ENS’ 2.263 million registered domain names.
As of December 14, Collectible Avatars have hit 5.11 million mints, and continue to grow.
Reddit’s Collectible Avatars saw its minting volume 900X, since its launch in July
The number of NFTs minted for Reddit’s Collectible Avatars have increased by 900X since its launch, from 5,162 on July 1 to 5.11 million on December 14.
In August, Collectible Avatars saw the largest month-on-month (MoM) growth of 6,822%, jumping from 16,638 to 1.15 million NFTs. However, in terms of absolute growth, September was the top performing month, with the collection adding 1.26 million NFTs.
Reddit’s Collectible Avatars’ rapid growth is attributed to its ease of purchase and already established user base
The popularity of Reddit's NFT collection has skyrocketed due to several factors. One key reason is that the platform was able to leverage its already established user base of 52 million daily active users and approximately 430 million monthly users. Reddit's existing reach provided it with a ready pool of potential buyers, and they were additionally able to appeal to crypto newcomers and make it more relatable – by rebranding Reddit NFTs to Collectible Avatars.
Next, users were able to purchase Collectible Avatars from Reddit with credit or debit cards, without the need for blockchain, Web 3 or cryptocurrency knowledge. This ease of purchase provided a low barrier to entry, and this has likely contributed to the success of the avatars.
Finally, the low fees associated with issuing NFTs on the Polygon network may also have played a role, as they make Reddit's Avatars particularly appealing, compared to NFTs on networks like Ethereum, which sees higher gas fees.
Methodology
This study examines the total number of non-fungible tokens (NFTs) minted for collections representing identity and attendance, based on data from Dune. The collections considered were Reddit Collectible Avatars, Unstoppable Domains, Ethereum Name Service (ENS), and Proof of Attendance Protocol (POAP), for the period of July 1 to December 14, 2022.
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What are Reddit Collectible Avatars?
Reddit Collectible Avatars (Reddit NFTs) are limited-edition avatars designed by independent artists that can be exclusively used as profile pictures (PFP) on popular social news website and discussion forum, Reddit. Collectible Avatars allow users (Redditors) to unlock additional features, such as getting a special profile and comment treatment on posts.
Collectible Avatars are available for purchase on Reddit’s Collectible Avatar Shop through its native cryptocurrency wallet, Vault, and also through credit and debit cards.
Curious to find out more about our previous research studies? Check out this one we did on How has ChatGPT Impacted Cryptocurrencies?
Shaun is a Research Analyst at CoinGecko, who has lived and breathed crypto since 2017. Previously a community manager for Synthetix and RedFOX, he dived down the crypto rabbit hole to grasp a better understanding of the industry. He now spends copious amounts of time on Crypto Twitter and Telegram, searching for the next idea for CoinGecko Research. Follow the author on Twitter @ShaunPaulLee
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