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Wednesday, Dec 08, 2021

Is Reddit Building An NFT Marketplace? A Job Posting Hints That's The Case

Is Reddit Building An NFT Marketplace? A Job Posting Hints That's The Case

Reddit is seemingly getting into the NFT game, and is getting ready to build an NFT marketplace platform.

Reddit made posted a job ad for a Senior Backend Engineer to build an NFT platform of their own. They are excited about NFTs capacities for creating and connecting new communities, as expressed in their listing:

“For Reddit, it will always be about community. (…) If there is one thing we’ve noticed with NFTs, they too have an incredible power to create a sense of participation and belonging. (…) Over time, we believe this will only grow, and NFTs will play a central role in how fans support their favorite creators and communities.”

According to the job ad, the candidate must be able to “Design, build and ship backend services for millions of users to create, buy, sell and use NFT-backed digital goods.” As well as “Move fast while balancing quality.”

Reddit wants a high-quality platform that can be launched briefly, and they will not be compromising for “show-stopping bugs,” the posting reveals. They know the space for the NFT market is moving fast and so should they.

Recently, Binance and FTX launched their NFT marketplaces, followed by Coinbase who recently announced its own launch. Reddit has a large NFT enthusiastic community, and potentially they could generate a huge amount of revenue.

Reddit has been long focused on NFTs. They had already launched OpenSea, which is “the first and largest NFT marketplace” to buy and sell digital assets. They hit a $1.5 billion valuation past July.

Their community points (ERC-20) system used in their subreddit forums was based on Ethereum, which gave the tokens real value. Back in July, they chose Arbitrum to scale it. At that moment, their r/CryptoCurrency and r/FortNiteBR communities had over 4.8 million members.

Reddit’s team enthusiasm is not just a hunch. The non-fungible token market’s numbers show that this is possibly the perfect time to invest in it. By the platform’s tone, one could assume they are putting their all into the game, and great things could be expected from their development:

“Our team is a new and exciting, rapidly growing team that aims to build the largest creator economy on the internet, powered by independent creators, digital goods, and NFTs. (…) If you ask us, the NFT movement has only just begun.”

Before NFT, investing in fine art was limited and almost exclusive. No art gallery has ever been able to create possibilities nearly close to what Ethereum’s network has done with NFTs.

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

NASDAQ reported that in 2020 “the global NFT market did about $338 million in transaction volume.” And they believe the global NFT market has the potential to grow by 1,000X over the next 10 years.

If the presumptions over Reddit’s plans are to be true and many keep betting on these reported numbers, the question is raised whether the non-fungible token market could be getting closer to that growth a lot sooner than expected.

Source: Is Reddit Building An NFT Marketplace? A Job Posting Hints That's The Case – Fintechs.fi

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