The launch of the Reddit Polygon-based collectible avatar marketplace in July 2022 It has caught the attention of many. With a crypto winter underway and a bear market, not to mention the Ukraine war, many investors and analysts did not predict anything good for the Reddit startup.
However, after more than seven months, Reddit proved everyone wrong and BestBrokers analyst team decided to dig deeper into the raw blockchain data and examine the current state of the NFT market from Reddit.
It turns out that Collectible avatars market value exceeds $36 million with over 10 million items minted since its market launch.
Source: Best Brokers
“Reddit started its NFT adventure in very difficult times for cryptocurrencies and NFTs. However, Reddit’s user base of over 330 million certainly helped them achieve this rather impressive market cap.. Furthermore, we must commend the company for its marketing efforts and its effective plan to present NFTs as ‘Digital Collectives’ so that anti-NFT redditors will be less disgruntled.“says Alang Goldberg, analyst at BestBrokers.
Record prices for some avatars
The most expensive current sale ended on 10/24/2022: user u_jwpapi paid rojomcoin creator 30 ETH for an avatar called The Hands #1, currently priced at 150 ETH on OpenSea.
While these prices are unrealistic, they could soon be justified with the interest in avatars only growing and the number of minters (10 million) approaching the total number of NFTs minted.
Minters and avatar holders
At the moment, the number of collectible avatar holders is just over 7 million (up 17% so far in February compared to January 2023).
Source: Best Brokers
The total number of minters (minters) exceeds 10 million (26% increase so far in February compared to January 2023).
Source: Best Brokers
“At first glance, the monthly growth of new minters does not seem stable enough. However, we must keep in mind that fluctuations are actually spikes in interest rates with some major events taking place. The ‘Reddit Cup 2022’, ‘Reddit Recap 2022’ and ‘Super Bowl LVII’ collections represent the majority of NFTs minted. With almost all of 2023 still to wrap up, we can expect more similar picks and respectively many more collectible Avatars to be minted.Alan concludes.
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