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). With all this hype, more and more companies are looking to grab a piece of the pie.
Reddit on its way to create an NFT marketplace?
Reddit is a well-known community platform in the cryptosphere. Indeed, this one has notably allowed to federate the crypto community around sub-reddit 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 NFT.
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, crypto-currencies are about 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 gives rise to 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 favorite creators and communities.”
Unfortunately, no information regarding the platform’s release horizon has been released at this time. We also don’t know if Reddit has already started working on the platform.
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 sub-reddits and can be earned by players, during their interactions with the platform.
Very quickly, these tokens have met with great success among the platform’s users, especially those evolving on the sub-reddit of the game Fortnite.
As for the NFTs, the platform has created a collection called “CryptoSnoos”, which includes 3 works of art featuring Snoo, the platform’s mascot. These NFTs allow their holders 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.