The non-fungible token (NFT) ecosystem has seen significant growth since the beginning of 2021. With over $2 billion in monthly volume, NFT buying and selling platforms are among the most in-demand on Ethereum (ETH). In light of this craze, more and more companies, like Reddit, are looking to grab a piece of the pie.
Reddit on the way to creating an NFT marketplace?
Reddit is a well-known community platform in the cryptosphere. Indeed, it has notably allowed the crypto community to federate around subreddits on themes such as Bitcoin (BTC) or Ethereum. Now, Reddit seems to want to go further in the adoption of cryptocurrencies by developing its own platform for buying and selling NFTs.
At least that’s what a job offer published by the community platform indicates. Indeed, Reddit is reportedly looking for a “Senior Backend Engineer” to develop a platform for creating, buying, and selling NFTs.
If, for Reddit, cryptocurrencies are set to “revolutionize the world of economics and finance”, NFTs, on the other hand, are destined to “rewrite the way we think about digital assets”. As a result, Reddit wants to integrate them more widely into its community platform.
“Each new NFT project creates a vibrant community of owners. Fans of today’s biggest creators and brands are now buying digital goods directly from them in large numbers – to support them, to gain exclusive access, and to feel a greater sense of connection with them. Over time, we believe this phenomenon will only grow and that NFTs will play a central role in how fans support their favourite creators and communities.”
Reddit’s job offer
Unfortunately, no information regarding the platform’s release horizon has been released at this time. Nor do we know if Reddit has started work on the platform yet.
Reddit and its love of cryptos
This is not the first time the platform has opened its arms to cryptocurrencies. In May 2020, Reddit already created 2 ERC-20s on Ethereum. These tokens are linked to defined subreddits and can be earned by players, during their interactions with the platform.
Very quickly, these tokens became a hit with the platform’s users, especially those playing on the Fortnite subreddit.
As for the NFTs, the platform has created a collection called “CryptoSnoos”, which includes three works of art featuring Snoo, the platform’s mascot. These NFTs allow their owners to stand out on the platform, using them as profile pictures and adding decorations to their comments.
Other social networks are also trying to integrate NFTs, if not to compete with the giant OpenSea. This is notably the case of Facebook, which announced that its Novi wallet would support NFTs.
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