Reddit- an American social news website has announced its move in launching its own NFT platform. In a recent job posting, it reiterated its search for developers who can create an NFT platform. Experts say the announcement has been long overdue since the company’s past experiment and involvement in crypto.
As social media platforms, such as Twitter and Facebook, have been working to support NFTs, and even to create a competitor to major markets, there has been a rise in interest for NFTs by several other social media platforms.
Reddit has shown this interest having a long history with cryptocurrencies, being one of the biggest platforms that the crypto community is using for gathering, speculating, discussing, and more.
“The NFT movement has only just begun,” said Reddit.
Its hiring process has kicked off, hiring workers to support the design, creation, and maintenance of its non-fungible token (NFT) platform. Although these positions require at least five years of backend development experience, as well as the ability to “design and implement complex distributed systems that operate under high load.”
Reddit’s NFT Platform
The platform should be able to allow people to create, buy, sell, and use NFT-backed digital goods. Reddit also offers Community Points, which are digital currency-like tokens in the form of Bricks and Moons. Earlier this year, Reddit’s platform was primarily used for pumping DOGE when the coin reached a new ATH at $0.7.
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.
The competition is growing and Reddit’s already large NFT enthusiastic community could generate a huge amount of revenue. 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.
The company says, until theirs, 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.
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.