Reddit is building its own platform dedicated to non-fungible tokens (NFTs)

Reddit wants its own NFT platform

According to a job posting, community website Reddit plans to build its own platform for buying and selling non-fungible tokens (NFTs).

Indeed, Reddit is looking to recruit a “Senior Backend Engineer, NFT Platform”. According to the announcement, the ideal candidate will have to design and build an infrastructure for millions of users to create, buy, sell and use NFTs. We can read :

“We are looking for engineers and leaders to help us launch the team, define its strategy and build the future. If you ask us, the NFT movement is just getting started, so come join our team to get started. “

In June, Reddit had already made a foray into this world by selling 3 NFTs representing its mascot Snoo. These NFTs are available on the OpenSea platform and generated an exchange volume of 465 Ethers (ETH). The minimum price to acquire a “CryptoSnoo” is 70 ETH or around 280,000 dollars.

Reddit

Reddit’s CryptoSnoos on OpenSea

When a person holds a CryptoSnoo NFT and links it to their Reddit account, the image of the NFT becomes their avatar. Additionally, an animated glow is visible when the owner leaves a comment so that everyone knows the owner has a CryptoSnoo NFT.

Expansion of the “Community Points” program

NFTs are not Reddit’s first step into the larger sector of the cryptocurrency industry. The company currently has a cryptocurrency rewards program dubbed “Community Points”, which has been rolled out in the CryptoCurrency and FortNiteBR sub-discussions.

Users can earn points for posting quality posts. These points take the form of tokens (MOON and BRICKS) and can be redeemed for additional benefits / features on the site.

In July, Reddit chose to test layer 2 Arbitrum with a view to expanding this program to the entire site and to 430 million monthly visitors. However, no timetable has been specified.

👉 To read on the same subject: Reddit is upgrading its Ethereum-based tokens with a layer 2 solution

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About the author: Florent David

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Engaged in the crypto ecosystem since 2017. I am particularly interested in decentralized finance (DeFi), Ethereum 2.0 and non-fungible tokens (NFTs).
All articles by Florent David.

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