Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

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

AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
Street justice isn’t pretty but how else do you deal with this kind of insanity? Sometimes someone needs to standup and say something
Armenia and Azerbaijan sign U.S.-brokered accord at White House outlining transit link via southern Armenia
Barcelona Resolves Captaincy Issue with Marc-André ter Stegen
US Justice Department Seeks Release of Epstein and Maxwell Grand Jury Exhibits Amid Legal and Victim Challenges
Spain Scraps F-35 Jet Deal as Trump Pushes for More NATO Spending
France Faces Largest Wildfire Since 1949 as Blazes Rage Across Aude
French Senate Report Alleges State Cover‑Up in Perrier ‘Natural Mineral Water’ Scandal
British Labour Government Utilizes Counter-Terrorism Tools for Social Media Monitoring Against Legitimate Critics
OpenAI Launches GPT‑5, Its Most Advanced AI Model Yet
Brazilian President Lula says he’ll contact the leaders of BRICS states to propose a unified response to U.S. tariffs
US envoy Steve Witkoff arrived in Moscow to seek a breakthrough in the Ukraine war ahead of President Trump’s peace deadline
WhatsApp Deletes 6.8 Million Scam Accounts Amid Rising Global Fraud
Britain's Online Safety Law Sparks Outcry Over Privacy, Free Speech, and Mass Surveillance
Nine people have been hospitalized and dozens of salmonella cases have been reported after an outbreak of infections linked to certain brands of pistachios and pistachio-containing products, according to the Public Health Agency of Canada
Karol Nawrocki Inaugurated as Poland’s President, Setting Stage for Clash with Tusk Government
US Charges Two Chinese Nationals for Illegal Nvidia AI Chip Exports
Texas Residents Face Water Restrictions While AI Data Centers Consume Millions of Gallons
U.S. Tariff Policy Triggers Market Volatility Amid Growing Global Trade Tensions
Tariffs, AI, and the Shifting U.S. Macro Landscape: Navigating a New Economic Regime
German Finance Minister Criticizes Trump’s Attacks on Institutions
India Rejects U.S. Tariff Threat, Defends Russian Oil Purchases
United States Establishes Strategic Bitcoin Reserve and Digital Asset Stockpile
Thousands of Private ChatGPT Conversations Accidentally Indexed by Google
China Tightens Mineral Controls, Curtailing Critical Inputs for Western Defence Contractors
OpenAI’s Bold Bet: Teaching AI to Think, Not Just Chat
U.S. Tariffs Surge to Highest Levels in Nearly a Century Under Second Trump Term
Ong Beng Seng Pleads Guilty in Corruption Case Linked to Former Singapore Transport Minister
BP’s Largest Oil and Gas Find in 25 Years Uncovered Offshore Brazil
Italy Fines Shein One Million Euros for Misleading Sustainability Claims
JPMorgan and Coinbase Unveil Partnership to Let Chase Cardholders Buy Crypto Directly
Declassified Annex Links Soros‑Affiliated Officials and Clinton Campaign to ‘Russiagate’ Narrative
UK's Online Safety Law: A Front for Censorship
Parents Abandon Child at Barcelona Airport Over Passport Issue
Bus Driver Discovers Toddler Hidden in Suitcase in New Zealand
Switzerland Celebrates 734 Years of Independence Amid Global Changes
China Enforces Comprehensive Ban on Cryptocurrency Activities
Grok 4 Video plus Voice, can identify wildlife!
George Soros tells the World Economic Forum: "President Trump is a con man and the ultimate narcissist, who wants the world to revolve around him."
Hamas are STARVING the hostages.
The UK Does Not Have a ‘Far-Right’ Problem
British Tourist Dies Following Hair Transplant in Turkey, Police Investigate
WhatsApp Users Targeted in New Scam Involving Account Takeovers
JD Vance Warns Europe Faces “Civilizational Suicide” Over Open Borders and Speech Limits
Germany Enters Fiscal Crisis as Cabinet Approves €174 Billion in New Debt
Trump Administration Finalizes Broad Tariff Increases on Global Trade Partners
JD.com Launches €2.2 Billion Bid for German Electronics Retailer Ceconomy
Azerbaijan Proceeds with Plan to Legalise Casinos on Artificial Islands
IMF Upgrades Global Growth Forecast as Weaker Dollar Supports Outlook
House Republicans Move to Defund OECD Over Global Tax Dispute
France Opens Criminal Investigation into X Over Algorithm Manipulation Allegations
×