The social media platform Reddit launched its own line in July 2022 NFTs. Less than a year later, new data shows that the number of Reddit NFT owners has already reached almost 10 million.
Great success with ‘Snoo’ NFTs
In July 2022, Reddit launched its NFT collection, based on the iconic alien ‘Snoo’, the figurehead of Reddit. The NFTs were both sold and given away, but not auctioned as is normally the case. The ‘Snoo’s’ are referred to as ‘digital collectables‘ and ‘collectible avatarsinstead of the usual term NFT, as that term had fallen into disrepute on the platform. The digital collectibles run on the network of Ethereum (ETH) and range from $0.01 to $380,000.
The massively bought and acquired NFTs are widely traded on OpenSea, a popular NFT marketplace. However, Reddit has already far surpassed Opensea in terms of the number of connected wallets. According to Dune Analytics it won’t be long before Reddit hits the ten million NFT holders milestone. OpenSea is far below that, with ‘only’ 2.7 million users.
Reddit has partnered with Polygon (MATIC), a blockchain network which works in addition to the Ethereum network. Polygon CEO Sandeep Nailwal talked about Reddit’s success with NFTs to say next:
“Reddit is perhaps the only well-known Big Tech company who has cracked the NFT code and they are able to drive a lot of engagement with Reddit NFTs.”
Rabbid NFTs almost sold out
We wrote earlier about the new line of NFTs that Reddit recently launched. The NFTs launched in partnership with Ubisoft are based on the ‘Raving Rabbids’ franchise. This franchise of hyperactive bunnies is one spinoff from the very popular game series ‘Rayman.’
For many, this new line brought a lot of nostalgia to the surface. It is therefore not surprising that these freely available NFTs were sold out within a few days. One more type of Rabbid is available: the Knight Rabbid. Only 35k of this type of NFT remain. If you want to get another one, be quick.
