NFT
Polygon’s co-founder said the social media giant has “cracked the code”. NFT adoption, during a recent AMA session on Reddit.
In addition to sharing pro-crypto and Polygon Considering how Web3 will complement Web2 in areas like finance, gaming and social media, the founder also explained how Reddit managed to win over its community with the launch of its digital collectibles.
The social media platform introduced NFTs as “collectible avatars” on Polygon in July 2022 through free airdrops and early sales of digital collectibles for up to $100. The early NFTs sold for hundreds of dollars on the secondary market.
Stop calling them NFTs: CEO of Web3 Gaming speaks out amid gamer backlash
Nailwal said that Reddit “might be the only known Big Tech company to have cracked the NFT code and they can drive a lot of engagement with Reddit NFTs.”
Polygon represents a multi-chain ecosystem of sidechains that leverage Ethereum’s security to provide a scalable application platform. Currently, it supports two public blockchains: Polygon and Polygon zkEVM.
Reddit was responsible for adding 3 million crypto users in the first three months after NFT launched. In the past 10 months, the company has successfully onboarded 9.7 million users on Reddit’s NFT platform, according to a Dune dashboard.
Unique Reddit NFT holders. Source: Dune.
“I think a few things like having a secondary marketplace to trade those NFTs, having a launchpad for artists to launch their collections […] could be some great additions to take Reddit NFTs to the next level,” he said.
Position polygon as a business layer
Nailwal also said that no other blockchain ecosystem is “fully decentralized” except for Bitcoin and Ethereum.
“It is also not necessary to be completely decentralized from day zero [in my opinion]what we need is a gradual decentralization of protocols and applications as they become more and more significant,” he hinted at his plans to direct Polygon.
He added that Polygon’s long-term vision is to become “the value tier of the Internet,” acting as the “business or application tier for crypto.”
In addition to Reddit, Polygon also partners with brands such as Nike, Starbucks, and Sotheby’s.
The earliest collection of Starbucks NFTs fetched about $2,000 each for users who snapped up the free NFTs.
According to a Dune dashboard of brands using NFTs, the brand ranks first with earned sales of $92.9 million. In particular, the early Nike NFT collections were launched on Ethereum and not Polygon.