May 20, 2022

Reddit Wants To Build NFT Platform, A Job Posting Shows Why

3 min read

Social network Reddit is dealing with building an Non Fungible Token (NFT) market platform. A task posting made to look for new employee shows they envision and concentrate on creating “the biggest developer economy on the internet”.

Reddit published a job opening for a Senior Backend Engineer to build an NFT platform of their own. They are excited about NFTs capacities for producing and connecting new neighborhoods, as revealed in their listing:

For Reddit, it will constantly have to do with neighborhood. (…) If there is something we’ve discovered with NFTs, they too have an amazing power to produce a sense of participation and belonging. (…) Over time, our company believe this will only grow, and NFTs will play a main role in how fans support their preferred creators and neighborhoods.

Related Reading|NFTs InA Nutshell: A Weekly Review

The candidate must be able to “Design, develop and ship backend services for countless users to produce, purchase, offer and use NFT-backed digital goods.” Along with “Move fast while balancing quality.”

The publishing unveils that Reddit desires a high-quality platform that can be launched quickly, and they will not be compromising for “show-stopping bugs”. They know the space for the NFT market is moving quick therefore must they.

Crypto exchanges Binance and FTX have actually currently introduced NFT marketplaces, followed by Coinbase who recently revealed its own launch. The competitors is growing and Reddit’s already big NFT enthusiastic neighborhood could produce a big quantity of profits.

Owning An NFT Is Owning The Future

Reddit has been long focused on NFTs. They had already introduced OpenSea, which is “the very first and largest NFT market” to purchase and offer digital assets. They hit a $1.5 billion valuation past July.

Their neighborhood points system used in their subreddit online forums was based on Ethereum, which offered the tokens genuine worth. Back in July, they picked Arbitrum to scale it. At that moment, their r/CryptoCurrency and r/FortNiteBR communities had more than 4.8 million members.

Related Reading|RedditMoons Now Worth More Than Dogecoin In Impressive Takeover

Reddit’s team enthusiasm is not simply a hunch. The non-fungible token market’s numbers show that this is perhaps the best time to buy it. By the platform’s tone, one could presume they are putting their all into the game, and terrific things might be gotten out of their development:

Our team is a brand-new and amazing, rapidly growing group that intends to construct the biggest creator economy on the internet, powered by independent developers, digital items, and NFTs. (……) If you ask us, the NFT motion has only just started,

Up until own, purchasing art was limited and nearly unique. No art gallery has actually ever had the ability to produce possibilities almost near to what Ethereum’s network has finished with NFTs.

Beyond art appreciation, the ownership of digital properties creates a landmark for the crypto world and opens the market for developers, their admirers, and collectors. As Reddit “brings over 430 million people together every month”, a platform of their own thrills the market.

NASDAQ reported that in 2020 “the worldwide NFT market did about $338 million in deal volume.” And they think the worldwide NFT market has the prospective to grow by 1,000 X over the next 10 years.

If the anticipations over Reddit’s strategies are to be real and many keep banking on these reported numbers, the concern is raised whether the non-fungible token market could be getting closer to that development a lot sooner than anticipated.

Ethereum
ETH price trading at $ 3,977 in the monthly chart|Source: ETHUSD on TradingView.com