Reddit the Only Big Tech Firm That 'Cracked the NFT Code': Polygon Co-founder
Polygon’s co-founder said the social media giant “cracked the code” for NFT adoption, during a recent AMA session on Reddit. Besides sharing pro-crypto and Polygon views like how Web3 will complement Web2 in areas like finance, gaming, and social media, the founder also explained how Reddit managed to win over its community with the launch of its digital collectibles. The social media platform introduced NFTs as “Collectible Avatars” on Polygon in July 2022 via free airdrops and early sales of digital collectibles for up to $100.
Nailwal said that Reddit "is perhaps the only well-known Big Tech company who has cracked the NFT code and they are able to drive a lot of engagement with Reddit NFTs." Polygon represents a multi-chain ecosystem of sidechains that leverage Ethereum's security 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 following its NFT launch. Over the last ten months, the company has successfully onboarded 9.7 million users to Reddit’s NFT platform, according to a Dune dashboard. Nailwal also said that no other blockchain ecosystems are “fully decentralized,” except Bitcoin and Ethereum.
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