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

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

In addition to 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 group 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 lots of of {dollars} on the secondary market.

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

Polygon represents a multi-chain ecosystem of sidechains that leverage Ethereum’s safety to supply a scalable utility platform. Presently, it helps two public blockchains: Polygon and Polygon zkEVM.

Reddit was liable 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 keeping with a Dune dashboard.

“I assume a couple 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 following stage,” he mentioned.

Positioning Polygon as a enterprise layer

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

“It isn’t wanted additionally to be totally decentralized from day zero [in my opinion], what we’d like is progressive decentralization of protocols and functions 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 change into “the worth layer of the web,” appearing because the “enterprise or utility 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 line with a Dune dashboard of manufacturers utilizing NFTs, the model ranks first with $92.9 million earned in income. Notably, the early Nike NFT collections had been launched on Ethereum and never on Polygon.