Reddit might be launching its own NFT platform

By: Ali Raza
Ali Raza
Ali plays a key role in the cryptocurrency news team. He loves travelling during his spare time and enjoys… read more.
on Oct 23, 2021
  • Reddit appears to be making a move to delve deeper into the crypto space, specifically the NFT sector.
  • The company’s recent job posting says that it is looking for a developer who can create a platform for NFT.
  • This does not come as a surprise, especially since Reddit has experimented with crypto before.

With the non-fungible tokens (NFTs) still rising in popularity, a lot of companies have started joining the trend and either launching their own NFTs or even creating their own NFT platforms. Now, many speculate that Reddit might be one of them since the company has started hiring workers to support the design, build, and maintenance of its own NFT platform.

The job posting that caused the crypto community to speculate about Reddit creating an NFT platform can be found on Greenhouse, where Reddit seems to be looking for a senior backend engineer that would create a platform meant to be used by millions of users.

Are you looking for fast-news, hot-tips and market analysis? Sign-up for the Invezz newsletter, today.

The platform should be able to allow people to create, buy, sell, and use NFT-backed digital goods. Reddit is also requesting that all potential applicants have at least five years of experience in backend development, but also the ability to design and implement complex distributed systems that would be operating under high load.

Reddit is delving deeper into the crypto space

The job posting adds that the company has noticed that NFTs have an incredible power to create a sense of community — the sense of participation and belonging. This explains Reddit’s interest in the sector, as each new NFT project brings a new portion of a vibrant community of owners. People are not only going to NFTs to own them, but also to support their creators and gain exclusive access to their products, establish a tighter connection to the creator, and more.

Also, Reddit already has a long history with cryptocurrencies, being one of the biggest platforms that the crypto community is using for gathering, speculating, discussing, and more. In fact, Reddit’s platform was primarily used for pumping DOGE earlier this year, when the coin reached a new ATH at $0.7.

Reddit also offers Community Points, which are digital currency-like tokens in the form of Bricks and Moons.

Invest in crypto, stocks, ETFs & more in minutes with our preferred broker, eToro
67% of retail CFD accounts lose money