Reddit may be preparing to launch its own NFT platform

Reddit may be preparing to launch its own NFT platform

Social media platform Reddit appears to be hiring workers to support the design, build, and maintenance of a nonfungible token platform.

According to a Greenhouse job posting, Reddit is looking for a senior backend engineer for a platform responsible for “millions of users to create, buy, sell and use NFT-backed digital goods.” The position requires at least five years of experience in backend development as well as the ability “to design and implement complex distributed systems operating under high load.”

Our top trading bots

“If there is one thing we’ve noticed with NFTs, they too have an incredible power to create a sense of participation and belonging,” said the job posting.

“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. Over time, we believe this will only grow, and NFTs will play a central role in how fans support their favorite creators and communities.”

Reddit has acted as a medium bringing together crypto users for years, with the platform’s subreddits largely responsible for pumping prices of tokens including Dogecoin (DOGE). Users can also earn the platform’s Community Points — digital currency-like tokens in the form of Moons or Bricks — by posting certain content to earn rewards.

Related: Twitter and TikTok embrace NFTs: Mainstream adoption incoming?

While some crypto exchanges have been slowly launching their own NFT marketplaces, social media platforms have also been working to support the technology, if not create a competitor to OpenSea. Social media giant Facebook hinted its Novi wallet would likely support NFTs, and Twitter revealed in September it was working towards allowing users to display an NFT as their profile picture.

“The NFT movement has only just begun,” said Reddit.

Keep reading upon Cointelegraph
Visa seeks new college grads for Crypto Development Program
According to a recent job posting, Visa is inviting new college graduates to join its 18-month rotational Crypto Development Program. Applicants will alternate...
Canadian Bitcoin ETF sees its third-biggest daily inflow ever
Canada-based Purpose Bitcoin ETF attracted over $38 million worth of Bitcoin (BTC) this Tuesday, its third-largest daily inflow to date.According to data...
Bitcoin fundamentals diverge from BTC price dip as difficulty hits new all-time high
Bitcoin (BTC) may have tanked to six-month lows this week, but under the hood, the network is now verifiably stronger than ever.Data from on-chain monitoring...
Spreading holiday joy through charitable giving with cryptocurrency
The holidays are the perfect time of the year for giving back, and the rise of cryptocurrencies has created even more opportunities for charitable initiatives....
Wen moon? Data shows pro traders becoming more bullish on Bitcoin price
The $4,700 Bitcoin (BTC) price spike on Nov. 29 was likely a great relief for holders, but it seems premature to call the bottom according to derivative...
Acting CoC Hsu: More crypto regulation is needed
In remarks given at the American Fintech Council’s 2021 Policy Summit, acting Comptroller of the Currency Michael J. Hsu called for greater regulation of...
MDT introduces blockchain oracle to accelerate DeFi adoption
Measurable Data Token (MDT) has announced the launch of a blockchain-based oracle service, Measurable Finance (MeFi), which has been designed to connect...
New Spanish bill aims to enable mortgage payments in crypto
Spanish lawmakers are backing a new legal initiative to legitimize the cryptocurrency and blockchain industry by proposing a new bill on digital transformation.The...
Miami stakes the claim to become the world’s Bitcoin and crypto capital
As Miami comes down from the “high” of having hosted the “largest-ever” Bitcoin event, it seems reasonable to ask: Does the Sunshine State’s entrepot really...
Japanese watchdog issues warning to crypto derivatives exchange Bybit
Singapore-based Bybit, the world’s fifth-largest cryptocurrency derivatives exchange by trading volume, has allegedly been running unregistered crypto services...
Cardano Soars 53% In a Green Day
Investing.com - Cardano was trading at $1.879898 by 08:48 (12:48 GMT) on the Investing.com Index on Thursday, up 52.86% on the day. It was the largest one-day...
EY invests $100 million to expand blockchain product suite, launches DeFi contract simulator
“Big Four” accounting firm, Ernst & Young Global Limited, or EY, is continuing to invest heavily in blockchain, investing $100 million into engineering...
EOS Tumbles 28% In Bearish Trade
Investing.com - EOS was trading at $4.6018 by 22:24 (02:24 GMT) on the Investing.com Index on Friday, down 27.68% on the day. It was the largest one-day...
Crypto market cap soars to record $2 trillion, bitcoin at $1.1 trillion
By Gertrude Chavez-DreyfussNEW YORK (Reuters) - The cryptocurrency market capitalization hit an all-time peak of $2 trillion on Monday, according to data...
Price analysis 3/29: BTC, ETH, BNB, ADA, DOT, XRP, UNI, THETA, LTC, LINK
On Monday Visa announced that it had launched a pilot program with Crypto.com to enable its partners to settle fiat transactions by sending USD Coin (USDC)...