In addition to sharing pro- cryptocurrency and Polygon views like how Webย 3.0 will complement Web2 in areas like finance, gaming, and social media, the founder likewise stated how Reddit managed toย gainย over its community with the launch of its digital collectibles.
The social media platform introduced Non-Fungibleย Tokenย (NFTs) as โCollectible Avatarsโ on Polygon in July 2022 via free airdrops and early sales of digital collectibles for up to $100. The early Non-Fungibleย Tokenย (NFTs) went on to sell for hundreds of dollars on the secondary market.
Nailwal stated that Reddit โis perhaps the only trending Big Tech company who has cracked the Non-Fungibleย Tokenย (NFT) code and they are able to drive manyย of engagement with Reddit NFTs.โ
Polygon represents a multi-chain ecologicalย system of sidechains that leverage Ethereumโs security to provide a scalable appย platform. Asย ofย now, it supports two public blockchains: Polygon and Polygon zkEVM.
Reddit was inย chargeย of adding 3 Million cryptocurrency users in the 1st 3 months following its Non-Fungibleย Tokenย (NFT) launch. Over the last 10 months, the company has successfully onboarded 9.7 Million users to Redditโs platformย ofย Non-Fungibleย Tokenย (NFT), reportsย by a Dune dashboard.
โI guess severalย things like having a secondary marketplace to trade those Non-Fungibleย Tokenย (NFTs), having a launchpad for artists to launch their collections [โฆ] mayย be some great additions to take Reddit Non-Fungibleย Tokenย (NFTs) to theย following level,โ he said.
Positioning Polygon as a business layer
Nailwal likewise stated that no other blockchainย tech ecologicalย systems are โfully decentralized,โ except Bitcoinย (BTC) and Ethereum.
โItโs not required likewise to be fully decentralized from day zero [in my opinion], what weย must is progressive decentralization of protocols and applications as they accomplish larger and larger significance,โ hinting at his intendsย to steer Polygon.
He alsoย mentionedย that the longstanding vision of Polygon is to become โthe value layer of the internet,โ acting as the โbusiness or appย layer for crypto.โ
Beyond Reddit, Polygon has likewise partnered with brands like Nike, Starbucks, and Sothebyโs.
The earliest collection of Starbucks Non-Fungibleย Tokenย (NFTs) fetched around $2,000 each to users who minted the free NFTs.
Reportsย by a Dune dashboard of brands using Non-Fungibleย Tokenย (NFTs), the brand ranks 1st with $92.9 Million earned in revenue. Itโsย worthย notingย that, the early Nike Non-Fungibleย Tokenย (NFT) collections were launched on Ethereumย (ETH) and not on Polygon.
