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- 1 The social media platform’s frenzy is likely to be followed by the digital art collection.
- 2 Independent artists and content creators over the platform create Reddit NFTs.
Recently, the Reddit NFT collection dubbed “Reddit collective avatars” reported to be poised to hit the 10 million holders milestone soon. The insight of the level to meet shortly comes from the growth of NFT collection, especially in the past several months. Reddit NFTs seems to imitate the growth akin to the prominent social media platform.
Dune Analytics data shows the number of Reddit collectible avatars holders stalling at 9,909,465. It also reveals that about 7.65 million NFT holders were single collective avatar holders. This indicates that such users do not hold multiple wallets.
Reddit collective avatar NFT collection launched in July last year. Within a year to complete, the collection is set to reach 10 million NFT holders. Independent artists and content creators over the social media platform designed the customizable NFT collections. Currently the overall market capitalization of available non-fungible tokens is 38.44 million USD.
The number of holders hoarded over the platform since its launch and continued till November by the time it reached 3 million users. For some time, the growth halted at that point and with the start of the new year, it witnessed the surges again.
The broader non-fungible market was facing trembles despite the crypto market starting to recover with the starting of 2023. In contrast to the native NFT sector, Reddit collectible avatars holders have seen a jump of 80% in the past months of the ongoing year. The number of wallets, as data suggests, went triple in the last six months.
There were 303,033 sales that took place resulting in accumulation of 32.6 million USD worth of sales volume.
In the list of some well-performing assets in the digital art space, Bitcoin based NFTs also did significantly well. Space pepes, Bitcoin Frogs, and $Ordi BRC-20 NFTs, etc. were among the leading digital art pieces.
Bitcoin NFTs Leading the Market
The Coin Republic reported earlier that the Bitcoin blockchain network is booming in terms of NFTs and beat the already performing ones like Solana.
The NFT data aggregator, Cryptoslam, shows that the Bitcoin (BTC) network is leading in terms of NFT sales volume, just behind Ethereum (ETH), in the last 30 days.
Cryptoslam dashboard also shows Bitcoin based digital art collectibles holding top positions in terms of sales volume in the last 30 days. $ORDI BRC-20 NFTs registered overall sales of 40.39 million USD after witnessing over 67% increase. The collection beats Ethereum based one of the popular digital art collectibles Bored Ape Yacht Club (BAYC).
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
