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Saturday, November 27, 2021

Reddit may be preparing to launch its own NFT platform

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Social media platform Reddit seems to be hiring staff to strengthen the design, construct, and upkeep of a nonfungible token platform.

In keeping with a Greenhouse process posting, Reddit is looking for a senior backend engineer for a platform liable for “hundreds of thousands of customers to create, purchase, promote and use NFT-backed virtual items.” The placement calls for a minimum of 5 years of enjoy in backend construction in addition to the power “to design and put in force complicated disbursed programs running underneath prime load.”

“If there’s something we’ve spotted with NFTs, they too have an implausible energy to create a way of participation and belonging,” mentioned the process posting.

“With each new NFT mission, a colourful group of homeowners pops up with it. Fanatics of lately’s greatest creators and types are actually flocking to shop for virtual items at once from them — to strengthen them, to realize unique get admission to, and to really feel a better sense of reference to them. Over the years, we imagine this may increasingly handiest develop, and NFTs will play a central position in how fanatics strengthen their favourite creators and communities.”

Reddit has acted as a medium bringing in combination crypto customers for years, with the platform’s subreddits in large part liable for pumping costs of tokens together with Dogecoin (DOGE). Customers too can earn the platform’s Neighborhood Issues — virtual currency-like tokens within the type of Moons or Bricks — via posting sure content material to earn rewards.

Comparable: Twitter and TikTok embody NFTs: Mainstream adoption incoming?

Whilst some crypto exchanges were slowly launching their very own NFT marketplaces, social media platforms have additionally been running to strengthen the generation, if now not create a competitor to OpenSea. Social media large Fb hinted its Novi pockets would most likely strengthen NFTs, and Twitter published in September it was once running in opposition to permitting customers to show an NFT as their profile image.

“The NFT motion has handiest simply begun,” mentioned Reddit.