Polygon’s co-founder said the social media big “cracked the code” for NFT adoption, throughout a current AMA session on Reddit.
In addition to sharing pro-crypto and Polygon views like how Web3 will complement Web2 in areas like finance, gaming, and social media, the founder additionally defined how Reddit managed to win over its neighborhood with the launch of its digital collectibles.
The social media platform launched NFTs as “Collectible Avatars” on Polygon in July 2022 through free airdrops and early gross sales of digital collectibles for as much as $100. The early NFTs went on to promote for a whole lot of {dollars} on the secondary market.
Nailwal stated that Reddit “is probably the one well-known Large Tech firm who has cracked the NFT code and they’re able to drive loads of engagement with Reddit NFTs.”
Polygon represents a multi-chain ecosystem of sidechains that leverage Ethereum’s safety to supply a scalable software platform. At the moment, it helps two public blockchains: Polygon and Polygon zkEVM.
Reddit was liable for including 3 million crypto customers within the first three months following its NFT launch. Over the past ten months, the corporate has efficiently onboarded 9.7 million customers to Reddit’s NFT platform, in accordance with a Dune dashboard.
“I suppose a couple of issues like having a secondary market to commerce these NFTs, having a launchpad for artists to launch their collections […] may very well be some nice additions to take Reddit NFTs to the subsequent stage,” he stated.
Positioning Polygon as a enterprise layer
Nailwal additionally stated that no different blockchain ecosystems are “totally decentralized,” besides Bitcoin and Ethereum.
“It isn’t wanted additionally to be totally decentralized from day zero [in my opinion], what we’d like is progressive decentralization of protocols and purposes as they obtain bigger and bigger significance,” hinting at his plans to steer Polygon.
He added that the long-term imaginative and prescient of Polygon is to grow to be “the worth layer of the web,” performing because the “enterprise or software layer for crypto.”
Past Reddit, Polygon has additionally partnered with manufacturers like Nike, Starbucks, and Sotheby’s.
The earliest assortment of Starbucks NFTs fetched round $2,000 every to customers who minted the free NFTs.
Based on a Dune dashboard of manufacturers utilizing NFTs, the model ranks first with $92.9 million earned in income. Notably, the early Nike NFT collections have been launched on Ethereum and never on Polygon.
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