The Reddit Giant Crazy About NFTs: A Dedicated Market Soon?

NFTs continue their rise – The non-fungible token ecosystem (NFT) has experienced significant growth since the beginning of 2021. With over $ 2 billion in monthly volume, the NFT buying and selling platforms are among the busiest on Ethereum (ETH). Faced with this enthusiasm, more and more companies want to grab a piece of the pie.

Is Reddit going to create an NFT market?

Reddit is a well-known community platform in the cryptosphere. In fact, this has in particular made it possible to federate the crypto community around sub-income on topics like Bitcoin (BTC) or Ethereum. Now, Reddit seems to want to go further in adopting cryptocurrencies by developing your platform purchase and sale of NFT.

This is at least what a job offer published by the community platform indicates. In fact, Reddit would be looking for a “Senior backend engineer” develop a platform for creating, buying and selling NFTs.

If, for Reddit, cryptocurrencies are coming “Revolutionizing the world of economics and finance”NFTs, on the other hand, are intended for “Rewriting the way we think about digital resources”. As a result, Reddit wants to integrate them more broadly into its community platform.

“Each new NFT project creates a vibrant community of owners. Many fans of today’s biggest creators and brands are now buying digital products directly from them, to support them, gain exclusive access, and experience a greater sense of connection with them. Over time, we believe this phenomenon will only grow and NFTs will play a central role in how fans support their favorite creators and communities. “

Reddit job posting

Unfortunately, no information regarding the release horizon of the platform has not yet been communicated. We also don’t know if Reddit has already started working on the platform.

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Reddit and its love of cryptocurrencies

It is not the first time that the platform has opened its arms to cryptocurrencies. In May 2020, Reddit has already created 2 ERC-20s on Ethereum. These tokens are linked to sub-income defined and can be earned by players during their interactions with the platform.

Very quickly, these tokens met a great success with platform users, especially those evolving on the sub-income of the Fortnite game.

On the NFT side, the platform has created a collection called “CryptoSnoos”composed of 3 works aeffigy of snoooo, the mascot of the platform. These NFTs allow their holder to stand out on the platform, using them as profile picture and adding decorations to their comments.

Series of NFTs revealed and sold by Reddit – Source: The Block

Other social networks are also trying to integrate NFTs, failing to want to compete with the giant OpenSea. This is particularly the case with Facebook, which announced its Novi wallet would support NFTs.

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