GM, this is The Crypto Explorer, the Domino’s Pizza of newsletters, we come to you hot and fresh every day. 🍕

 Here’s what we got for you today:

• 💪 Reddit Dominates NFT Game!

• 🧱 Around The Block: RGB protocol may offer a solution to Bitcoin’s Ordinals jam.

 💪 Reddit Dominates NFT Game!

Guess who’s singing praises of Reddit?💃

Polygon’s co-founder (Sandeep Nailwal) praised Reddit for its successful adoption of non-fungible tokens (NFTs), during an AMA session on Reddit.

He stated that Reddit is the only well-known Big Tech company that has “cracked the NFT code” and is able to drive a lot of engagement with Reddit NFTs."

So, how did Reddit accomplish this epic feat?

They introduced NFTs called "Collectible Avatars" on the Polygon network in July 2022 through free airdrops.

I mean, who doesn’t like free stuff? 🙌

Just take a guess why lots of people chose Reddit.😁

And here's the icing on the cake:

Those early NFTs became a hot commodity and went on to sell for hundreds of dollars on the secondary market. Cha-ching!🤑

Reddit even became the NFT hot spot, adding 3 million crypto users in the first three months following its NFT launch. 

According to a Dune dashboard, the company has successfully onboarded 9.7 million users to Reddit’s NFT platform in the last ten months.

One user even said “I’m learning how to buy crypto because of them. I’d love to have some I missed out on. Gen 3 was my 1st paid and I’m ready for more.”😎

What's the secret behind Reddit's NFT success?🤔

Polygon’s Co-founder mentioned that Reddit's success with NFTs can be attributed to various factors, including the existence of a secondary marketplace for trading NFTs and a launchpad for artists to showcase their collections.

He believes that these features have contributed to driving engagement and user adoption on Reddit's NFT platform.

Whatever it is, they’re definitely doing something right!😎😏

And let's not forget about Polygon's grand vision.

In addition to discussing Reddit's accomplishments, Sandeep expressed his vision for Polygon to become the "value layer of the internet" and serve as the business and application layer for the crypto industry.

Polygon has not only collaborated with Reddit but also partnered with renowned brands such as Nike, Starbucks, and Sotheby's, with the earliest collection of Starbucks NFTs fetching around $2,000 each to users who minted the free NFTs.

According to a Dune dashboard tracking brands using NFTs, Polygon ranks first with $92.9 million in revenue.

So, there you have it, folks. Reddit's NFT success and Polygon's ambitious plans show us the exciting convergence of crypto, gaming, and social media. 🌆✨

🧱 Around The Block: RGB protocol may offer a solution to Bitcoin’s Ordinals jam.

• 🤖 Bitcoin Ordinals: RGB protocol may offer a solution to Bitcoin’s Ordinals jam, proponent claims.

• ⛔ Winding Down: Digital Currency Group to shutter institutional trading unit TradeBlock.

• 🌍 Expansion: Crypto firm Gemini picks Ireland as European base amid US crypto blues.

• ⚖️ Crypto Regulation: French lawmakers agree to loosen rules in proposed crypto influencer bill.

That's all we've got for you today.

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In any case, see you tomorrow, or on Twitter, if you're there: @danielakpobare

DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell assets or make financial decisions. Please be careful and do your own research.