Polygon Co-founder credits Reddit for cracking NFT code

Polygon Co-founder credits Reddit for cracking NFT code

Learn how Reddit “cracked the code” for NFT adoption and how Polygon is positioning itself as the “business or application layer for crypto” with partnerships with brands like Nike, Starbucks, and Sotheby’s.

Polygon’s co- founder said the social media giant “cracked the code” for NFT adoption, within a recent AMA session on Reddit.

In addition to sharing pro- cryptocurrency and Polygon views like how Web 3.0 will complement Web2 in areas like finance, gaming, and social media, the founder likewise stated how Reddit managed to gain  over its community with the launch of its digital collectibles.

The social media platform introduced Non-Fungible Token (NFTs) as “Collectible Avatars” on Polygon in July 2022 via free airdrops and early sales of digital collectibles for up to $100. The early Non-Fungible Token (NFTs) went on to sell for hundreds of dollars on the secondary market.

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Nailwal stated that Reddit “is perhaps the only trending Big Tech company who has cracked the Non-Fungible Token (NFT) code and they are able to drive many of engagement with Reddit NFTs.”

Polygon represents a multi-chain ecological system of sidechains that leverage Ethereum’s security to provide a scalable app  platform. As of now, it supports two public blockchains: Polygon and Polygon zkEVM.

Reddit was in charge of adding 3 Million cryptocurrency users in the 1st 3 months following its Non-Fungible Token (NFT) launch. Over the last 10 months, the company has successfully onboarded 9.7 Million users to Reddit’s platform of  Non-Fungible Token (NFT), reports by a Dune dashboard.

“I guess several  things like having a secondary marketplace to trade those Non-Fungible Token (NFTs), having a launchpad for artists to launch their collections […] may be some great additions to take Reddit Non-Fungible Token (NFTs) to the following level,” he said.

Positioning Polygon as a business layer

Nailwal likewise stated that no other blockchain tech ecological systems are “fully decentralized,” except Bitcoin (BTC) and Ethereum.

“It’s not required likewise to be fully decentralized from day zero [in my opinion], what we must is progressive decentralization of protocols and applications as they accomplish larger and larger significance,” hinting at his intends to steer Polygon.

He also mentioned that the longstanding vision of Polygon is to become “the value layer of the internet,” acting as the “business or app  layer for crypto.”

Beyond Reddit, Polygon has likewise partnered with brands like Nike, Starbucks, and Sotheby’s.

The earliest collection of Starbucks Non-Fungible Token (NFTs) fetched around $2,000 each to users who minted the free NFTs.

Reports by a Dune dashboard of brands using Non-Fungible Token (NFTs), the brand ranks 1st with $92.9 Million earned in revenue. It’s worth noting that, the early Nike Non-Fungible Token (NFT) collections were launched on Ethereum (ETH) and not on Polygon.


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