Reddit the Only Big Tech Firm That ‘Cracked the NFT Code’: Polygon Co-founder


25 Could 2023 10:41, UTC


Studying time: ~2 m

Polygon’s co-founder mentioned the social media big “cracked the code” for NFT adoption, throughout a latest AMA session on Reddit.

Moreover sharing pro-crypto and Polygon views like how Web3 will complement Web2 in areas like finance, gaming, and social media, the founder additionally defined how Reddit managed to win over its neighborhood with the launch of its digital collectibles.

The social media platform launched NFTs as “Collectible Avatars” on Polygon in July 2022 by way of free airdrops and early gross sales of digital collectibles for as much as $100. The early NFTs went on to promote for a whole lot of {dollars} on the secondary market.

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Nailwal mentioned that Reddit “is maybe the one well-known Huge Tech firm who has cracked the NFT code and they’re able to drive a number of engagement with Reddit NFTs.”

Polygon represents a multi-chain ecosystem of sidechains that leverage Ethereum’s safety to offer a scalable software platform. At the moment, it helps two public blockchains: Polygon and Polygon zkEVM.

Reddit was chargeable for including 3 million crypto customers within the first three months following its NFT launch. Over the past ten months, the corporate has efficiently onboarded 9.7 million customers to Reddit’s NFT platform, in line with a Dune dashboard.

Distinctive Reddit NFT holders. Supply: Dune.

“I assume a number of issues like having a secondary market to commerce these NFTs, having a launchpad for artists to launch their collections […] may very well be some nice additions to take Reddit NFTs to the subsequent stage,” he mentioned.

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Positioning Polygon as a enterprise layer

Nailwal additionally mentioned that no different blockchain ecosystems are “totally decentralized,” besides Bitcoin and Ethereum.

“It is not wanted additionally to be totally decentralized from day zero [in my opinion], what we want is progressive decentralization of protocols and purposes as they obtain bigger and bigger significance,” hinting at his plans to steer Polygon.

He added that the long-term imaginative and prescient of Polygon is to develop into “the worth layer of the web,” performing because the “enterprise or software layer for crypto.”

Past Reddit, Polygon has additionally partnered with manufacturers like Nike, Starbucks, and Sotheby’s.

The earliest assortment of Starbucks NFTs fetched round $2,000 every to customers who minted the free NFTs.

In response to a Dune dashboard of manufacturers utilizing NFTs, the model ranks first with $92.9 million earned in income. Notably, the early Nike NFT collections have been launched on Ethereum and never on Polygon.

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