Reddit the only major tech company to have “cracked the NFT code”: co-founder
by James · May 25, 2023
The Polygon founder said the social media giant has “cracked the code” on NFT adoption during a recent AMA session on Reddit.
In addition to sharing pro-crypto and polygon ideas about how Web3 will complement Web2 in areas such as finance, gaming, and social media, the founder also explained how Reddit managed to win over its community with the launch of its digital archive. .
The social media platform introduced NFTs as “collectible avatars” through free airdrops and early sales of digital collectibles worth up to $100 in July 2022. Early NFTs continue to sell for hundreds of dollars on the secondary market.
Nelval said that Reddit is “probably the only known Big Tech company that has cracked the NFT code, and they’ve been able to drive a lot of engagement with Reddit NFTs.”
Polygon represents a multi-chain ecosystem of side chains that leverage the security of Ethereum 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 of its NFT launch. According to Dune Dashboard, over the past ten months the company has successfully added 9.7 million users to Reddit’s NFT platform.
Unique Reddit NFT holder. Source: Doon.
“I think it’s kind of like being a secondary market to trade these NFTs, being a starting point for artists to launch their collections. […] Reddit could be some great additions to take NFTs to the next level,” he said.
Placing the polygon as a business layer
Nelval also said that no other blockchain ecosystem is “fully decentralized” apart from Bitcoin and Ethereum.
“It is also not necessary to be completely decentralized from day zero [in my opinion]What we need is a progressive decentralization of protocols and applications as they gain more and more importance,” referring to their plans to run Polygon.
He added that Polygon’s long-term vision is to become the “value layer on the Internet”, acting as a “business layer or application layer for crypto”.
In addition to Reddit, it has also partnered with brands such as Nike, Starbucks and Sotheby’s.
The very first collection of Starbucks NFTs received approximately $2,000 for each of the users who mined the free NFTs.
According to the Dune Dashboard of Brands Using NFTs, the brand ranks first with $92.9 million in revenue generated. Notably, the first Nike NFT collection launched on Ethereum, not Polygon.
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Source: decrypt.co
