Reddit to launch its NFT Marketplace amid the Growing competition
Over the last few months, NFTs have become one of the most popular terms in the world, and several businesses, individuals, and organizations are associating themselves with it. The latest to join the growing NFT community is the social media discussion platform Reddit, which recently announced its NFT marketplace where users can buy and sell crypto collectibles.
The new adventure was made known after the platform posted a job listing for a “Senior Backend Engineer, NFT Platform.” While the job notice did not offer much detail into Reddit’s ambition, it comes as no surprise that the platform plans to venture into the space seeing how lucrative it has been over the last few months.
Reddit noted on its page while posting for a senior engineer, “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. We are looking for strong engineers and leaders to help us seed the team, set its strategy and build for the future.”
Reddit to Join the Growing Space
With several giant organizations and social media platforms already associated with NFT, Reddit has positioned itself to join the fierce competition in the space. On its job post, Reddit noted that its ideal candidate will “design, build and ship backend services for millions of users to create, buy, sell and use NFT-backed digital goods.”
While Reddit has not responded to comments on its supposed adventure into NFTs, it is widely believed that the job posting was done earlier this month. The project comes in the wake of NFTs’ meteoric rise in popularity, which has prompted a slew of corporations to launch various initiatives. Coinbase and FTX.US, two crypto exchanges, announced earlier this month that they are developing NFT marketplaces.
The job posting on Reddit highlighted the NFT market’s extraordinary expansion, which witnessed $2.5 billion in trade volume in the first half of 2021 before skyrocketing to $10.67 billion in Q3 alone. It mentions the use of NFTs in artwork as well as in the future internet metaverse. However, it also explains how NFTs can play an important role in uniting and rewarding communities.
Reddit wrote, “ If there is one thing we’ve noticed with NFTs, they too have an incredible power to create a sense of participation and belonging. 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 to Pose a Challenge
Reddit will be bracing up for the tough competition in the NFT world, and from their job ad, they are looking for a candidate who can help fast track their presence in the NFT scene and make them a strong challenger ahead of the likes of Opeansea, Coinbase, and FTX.
Surprisingly, NFTs are not Reddit’s first foray into the crypto world. Reddit developed a concept called Community Points, which is the company’s crypto token rewards scheme. It has only been implemented in two of the company’s 100,000+ subreddits. The Ethereum-based tokens can be swapped for real money or redeemed for additional rewards and features within the community.