Reddit, the popular social media platform, has been hailed as the only major tech company that has successfully embraced and popularized non-fungible tokens (NFTs). According to Sandeep Nailwal, the co-founder of Polygon, Reddit has “cracked the code” for NFT adoption. In a recent Ask Me Anything (AMA) session on Reddit, the co-founder explained how the platform won over its community with the launch of digital collectibles.
Reddit’s NFT Launch and User Growth
Reddit introduced NFTs, known as “Collectible Avatars,” on the Polygon network in July 2022. The NFTs were initially distributed through free airdrops and early sales, with some fetching prices of up to $100. These early NFTs gained significant value on the secondary market, selling for hundreds of dollars. Since its NFT launch, Reddit has attracted a large number of crypto users, adding 3 million users within the first three months. Over the past ten months, the platform has successfully onboarded a total of 9.7 million users to its NFT platform. The co-founder suggested that additional features such as a secondary marketplace for trading NFTs and a launchpad for artists could further enhance Reddit’s NFT offerings. Polygon’s co-founder also highlighted the platform’s vision of becoming the “value layer of the internet” and positioning itself as the business or application layer for crypto. He noted that apart from Bitcoin and Ethereum, no other blockchain ecosystems are currently fully decentralized. However, he believes in the concept of progressive decentralization as protocols and applications gain more significance. In addition to Reddit, Polygon has formed partnerships with renowned brands like Nike, Starbucks, and Sotheby’s. The Starbucks NFT collection, for example, saw users minting free NFTs that later sold for around $2,000 each.
Reddit’s foray into NFTs on the Polygon network has been met with success, attracting millions of users and generating valuable engagement. The platform’s achievements in NFT adoption have positioned it as a leader in the industry, while Polygon continues to pursue its goal of becoming a prominent player in the crypto space.
Disclaimer: This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments. This is a news article only.
