In a recent AMA session on Reddit, Polygon‘s co-founder emphasized the success of social media giant Reddit in “cracking the code” for NFT adoption, particularly through the introduction of digital collectibles as “Collectible Avatars.” This move by Reddit not only demonstrates its pro-crypto attitude but also highlights the potential synergy between Web3 and Web2 in various sectors, such as finance, gaming, and social media.
Reddit’s approach to NFTs involved launching digital collectibles on the Polygon platform through free airdrops and early sales, with prices going up to $100. These early NFTs managed to sell for hundreds of dollars on the secondary market, driving substantial user engagement. In fact, according to a Dune dashboard, Reddit added 3 million crypto users within the first three months of its NFT launch. Over the past ten months, the platform has successfully onboarded 9.7 million users to its NFT platform.
The co-founder highlighted that establishing a secondary marketplace for trading NFTs and providing a launchpad for artists to debut their collections could further elevate Reddit’s NFT platform. This emphasis on innovation and appealing to the community is central to Reddit’s successful entry into the NFT space.
Speaking more about Polygon, it functions as a multi-chain ecosystem of sidechains that leverages Ethereum‘s security to offer a scalable application platform. Presently, the platform supports two public blockchains: Polygon and Polygon zkEVM. In addition, the co-founder addressed the topic of decentralization within blockchain ecosystems, expressing that full decentralization is unnecessary at the outset. Instead, a progressive decentralization model is better suited for protocols and applications as their significance and adoption grow.
Looking towards the future of Polygon, the company aims to become “the value layer of the internet” by serving as the “business or application layer for crypto.” The platform’s collaboration with well-established brands such as Nike, Starbucks, and Sotheby’s indicates its level of trust and credibility in the market.
For example, early collections of Starbucks NFTs saw minters earning around $2,000 each from free NFTs, and according to a Dune dashboard, the brand achieved $92.9 million in revenue, ranking first amongst brands utilizing NFTs. However, it should be noted that the early Nike NFT collections were launched on Ethereum rather than on Polygon.
Overall, Reddit’s success in the NFT space serves as a testament to the potential of NFTs and digital collectibles. Furthermore, Polygon’s ambition to become the value layer of the internet aligns well with the continued growth and adoption of cryptocurrency and blockchain technology.