Reddit hints at NFT market development

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TL;DR Breakdown

  • Reddit may be working on its NFT Market.
  • Platform says demand for NFT on its platform continues to rise.

Social discussion platform Reddit has joined the list of tech firms readying itself to develop an NFT market.

Although Reddit’s motive as regards an NFT market is not clear, but the firm has hinted it may be working on developing its NFT market after rolling out vacancy for a senior Backend engineer for an NFT project.

The post read: “We are looking for strong engineers and leaders to help us seed the team, set its strategy, and build for the future. If you ask us, the NFT movement has only just begun, so come and join our team to get started.”

The team would be in charge of designing, building, and shipping backend services to create, purchase, sell, and use NFT-backed digital goods and contribute to the overall strategy of the NFT platform, the social discussion platform posted.

The initiative comes amid NFTs’ skyrocketing popularity, spurring a wide array of companies to kickstart different initiatives. Earlier this month, crypto exchanges Coinbase and FTX.US have said that they are building NFT marketplaces.

Did Reddit users demand NFT market from the platform?

Although there is no certain date when the market would launch, Reddit said its users are demanding to buy NFT directly from the platform.

In the Job vacancy for an engineer, Reddit wrote that “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. Over time, we believe this will only grow, and NFTs will play a central role in how fans support their favorite creators and communities.”

In June, the social discussion platform first joined the NFT frenzy when it auctioned off three “CryptoSnoos” — NFTs of Reddit’s mascot, Snoo. CryptoSnoo owners can use it as a profile picture and have their comments glow when using Reddit.

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