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.
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.
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