NFT News

Reddit reveals plans to join the NFT bandwagon

TL;DR Breakdown

  • Reddit announced a position for a backend engineer. The engineer will be responsible for driving the creation, adoption, and trade of tokenized goods.
  • The firm says it believes that non-fungible tokens (NFTs) will continue growing. It also says its NFT journey has just begun.

Reddit could have given the strongest hint yet that it’s boarding the NFT bandwagon. The firm has posted a job opening on Greenhouse looking for a backend engineer.

This engineer will be responsible for driving the creation, trade, and use of tokenized digital goods. The successful candidate must have five years’ experience in developing backend solutions. 

Again, they must have mastery in designing and implementing advanced distributed systems with high load.

The posting goes on to explain Reddit’s motivation for announcing the position. The firm says NFTs have a remarkable ability to build a sense of belonging and participation.

Additionally, every new NFT project gives rise to a passionate community of adopters. Also, supporters of big brands and artists are demanding digitized products directly from them.

Reddit sees future in NFTs

These fans are looking to support their favorite artists and create deeper connections with them. Reddit believes this situation will keep growing. And NFTs will gain significance in how fans engage their idols and communities.

The platform seems to be spoiling for a battle for market share. It ends its advertisement with a bold statement that the NFT movement had only begun.

Reddit has had a long-running interest in crypto. For years, it had been instrumental in bringing crypto users together. Its subreddits have helped shore up the prices of crypto assets, for instance, Dogecoin (DOGE).

Moreover, its users can earn Reddit’s community points. These community points are digital currency-esque tokens. They come in the shape of moons or bricks, and one earns them as rewards for posting certain content.

The NFT craze has caught on  in the cryptoverse. And Crypto exchanges have taken the lead in their adoption. Today, many have unveiled their marketplaces where they showcase their digital art collections.

Social media is warming up to NFTs

Social media platforms aren’t lagging either. Twitter is leading other social media firms in the race for NFT adoption. It’s currently working on an NFT authentication feature.

Once complete, users can showcase NFTs on their Twitter handles. They will be able to link their crypto wallets to OpenSea. From there, they can replace their profile pictures with avatars from their digital collectibles.

TikTok has also made forays into this space. Last month it announced that it would be launching its collectibles platform. The firm said it was partnering with Immutable X for the project.

Facebook is also following suit. The firm recently began trials of its Novi crypto wallet. Besides stablecoins, Facebook says its wallet will support NFTs.

NFTs have grown popular due to their ability to represent real assets in digital form. Their embedded smart contracts allow for permissionless transactions. They’re reshaping how we transfer assets among ourselves.

This post was last modified on October 24, 2021 10:55 pm

Edith Muthoni

Edith is an investment writer, trader, and personal finance coach specializing in investments advice around the fintech niche. Her fields of expertise include stocks, cryptocurrencies, blockchain, and cryptocurrency investments.

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