Reddit Is Building An NFT Platform On Ethereum
- According to a job offer posted on the network, Reddit is building an NFT platform for itself.
- In the job posting, Reddit also revealed that they were looking to secure the services of a ‘Senior Backend Engineer’ for the platform.
- Also, the online network of communities is working on upscaling its rewards program based on Ethereum crypto tokens.
If you’ve been following tech and finance news, you’ve most likely come across NFTs at some point. Undoubtedly, NFTs are quite the rage with stories of million-dollar purchases for these unique tokens.
But what are NFTs, and how precisely do they function?
NFT stands for Non-Fungible Tokens. By roughly interpreting the name of this token, it means a token that is not interchangeable. Now, let’s break down the name of this asset further to reveal more vital information.
Fungible isn’t exactly a word you come across every day. In simple terms, it means something interchangeable. For instance, you will find that money is a fungible asset in economics and can be used for payments and finalizing exchange transactions. Other types of fungible assets include gold, stocks, shares, and cryptocurrency.
Non-fungible assets are those that can be used up once or acquired for a single purpose. For instance, these items may include a painting, a trading card, or a house. Although artistic paintings can be copied, these recreations are nothing like the original and lack equal value.
So, non-fungible tokens are units of data that are kept on the digital blockchain ledger.
Each NFT on the blockchain is designed to symbolize authenticity and show that a digital asset cannot be swapped for something else. Because of their primary design, NFTs can’t be changed, stolen, exchanged, or adjusted. These are items protected by the principles of cryptography and each item on the blockchain contains is unique from the next one.
What Are Reddit’s Plans To Build An NFT?
As the NFT space grows more prominent, more individuals and organizations are trying to contribute. Not surprisingly, the popular online discussion community, Reddit, is also pitching a hand in the NFT rave.
According to a recent post on the platform, Reddit is on the verge of setting up an NFT marketplace where these unique tokens can be bought and sold instantly.
At first, representatives from the popular online community failed to acknowledge their intention to participate in the non-fungible token space. But, based on the details in the job post, but their intent is clear as day. No doubt, Reddit, like other large-scale investors, can see the untapped potential benefits of this unique type of asset — NFTs.
According to the information on their job ad, the NFT market enjoyed a trading volume of $2.5 in the first quarter of 2021. However, this figure rose exponentially to $10.37 billion by the third quarter. It also notes the potential of NFTs when it comes to digital art and the newly launched metaverse.
They ended the post by expressing that NFTs are a vital element that can be used to unify and reward online investment and the cryptocurrency community.
Today, NFTs have become incredible assets that encourage participation from different people. With the launch of each new project, the community grows larger. As a result of this reason, it seems like we’re only at the beginning of the NFT buzz, and there is an incredible promise of the industry’s exponential growth.
So, it is no surprise Reddit has made its plans clear — to develop an online marketplace that will support millions of users to create and exchange NFT-related digital goods.
Earlier this year, Reddit launched its collection of custom-branded NFT collectibles. They offered four digital avatars (which were based on the website’s alien mascot) for sale. Not long after, the Ethereum-based NFTs sold on OpenSea. These collectibles have generated a cumulative of $1.87 million in sales to date.
Interestingly, their development of an NFT marketplace isn’t Reddit’s first venture in the crypto space. Presently, the firm runs a token reward program known as Community Points. This program has been deployed to reward 2 out of its 100,000 subreddits. You can redeem the ethereum-based token rewards to enjoy additional perks and features within the online community, or you can sell them.
Reddit Plans To Hire A Senior Backend Engineer
The online question-and-answer community has started putting together a team of the brightest minds to achieve its NFT project goal. According to their post, Reddit is interested in highly-skilled developers capable of working fast while maintaining the quality of their work.
Undoubtedly, this indicates that the firm is looking to launch its marketplace with little or no delays quickly.
As a part of the effort to set up an effective NFT marketplace, Reddit is on the hunt for a Senior backend engineer. Earlier in October, Reddit posted a job listing for a professional backend developer.
The company’s job listing clearly states what they expect of whoever applies for the role. Also, the present-day position of the company and essential job requirements are explained in detail. They require a highly skilled individual who can adapt quickly and integrate into the team without affecting the quality of their work.
Although they also offer a chance to learn on the job, their specific skill level and experience requirement is unwavering.
Reddit Plans To Upscale Its Ethereum-based Rewards Initiative
In August 2021, Reddit was valued to be worth about $10 billion. They are now working to upscale and improve its Community Points Reward program by exposing it to more members of its 52 million-strong community. And if the news is any indication, the magnitude of this rewarding initiative promises to be massive.
Earlier this year, the firm organized a “Scaling Bake-Off” competition, where several developers offered varying solutions to upscale the rewards program. Finally, Reddit settled for an Ethereum layer-2 scaling solution Arbitrum.
However, there is no exact date yet for the commencement of the rewards initiative.