Reddit is Looking to Launch its Own NFT Platform

Reddit, one of the most popular social aggregation and discussion platforms in the world is reportedly planning to enter the NFT sector. It is now following various other top outlets like Facebook and Twitter into the NFT scene as the tussle heats up to develop and operate the perfect such platform.

Reddit Posts NFT Development Jobs

Recently, the company posted jobs in the space through Greenhouse. The advert stated that the company was looking for a senior backend engineer for the development of a platform for “millions of users to create, buy, sell and use NFT-backed digital goods”. This is as good as it gets that Reddit is looking to build a large NFT marketplace.

According to the job post:

“With every new NFT project, a vibrant community of owners pops up with it. Fans of today’s biggest creators and brands are now flocking to buy digital goods directly from them — to support them, to gain exclusive access, and to feel a greater sense of connection with them”

 

Reddit’s Influence in the Crypto Community

In stark contrast from other social media platforms like Facebook, Twitter, Instagram and others, Reddit is a very different experience altogether. With a very simple user interface and emphasis on user feedback and being helpful to others, the platform has a cult following in tens of millions. There is also a sense of belonging that few other platforms can boast and that has worked in the users’ favour. For example, earlier this year, Redditors pumped stonks (stocks) like GameStop and AMC and took them to new levels to teach a lesson to big investment banks. Later on, the community also helped pump cryptocurrencies like Dogecoin to as high as 50x. While many people lost money, the Redditors started this trend and once it was out there, there was nothing simply stopping it.

 

Why Reddit Wants to get into the NFT Scene?

Reddit’s engagement in the NFT scene makes a lot of sense. It is a platform that keeps people engaged and can help build stronger communities, especially around new ideas. This is something where Reddit has a complete monopoly and other platforms don’t have this kind of dedicated following to try things like these. So, Reddit’s foray into the NFT scene is expected to keep things interesting in the NFT scene for a long time, even when the next crypto bear market starts and things take a slide not too distant in the future.

Image Source: pixabay.com

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