Reddit the Solely Large Tech Agency 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 current 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 through 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.

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Nailwal mentioned that Reddit “is maybe the one well-known Large Tech firm who has cracked the NFT code and they can drive numerous engagement with Reddit NFTs.”

Polygon represents a multi-chain ecosystem of sidechains that leverage Ethereum’s safety to supply a scalable software platform. At present, 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. During the last ten months, the corporate has efficiently onboarded 9.7 million customers to Reddit’s NFT platform, in accordance with a Dune dashboard.

“I assume a number of issues like having a secondary market to commerce these NFTs, having a launchpad for artists to launch their collections […] could possibly be some nice additions to take Reddit NFTs to the subsequent 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 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 turn 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 had been launched on Ethereum and never on Polygon.