Reddit’s NFT Marketplace: What You Need To Know

Reddit, the online forum, has been focusing on growing its Ether-based cryptocurrency rewards scheme and is going to establish its platform for members to purchase and trade NFTs.

According to a job posting on Greenhouse, a major recruiting portal, Reddit is looking for some senior backend engineers to develop and construct backend services for a huge NFT trading platform. The piece discussed the critical role that many feel NFTs will play in the future for artists and communities. As a result, it advertises for “engineers and leaders to assist us in seeding the [NFT] team.”

Reddit is trying to employ “Senior Backend Engineer, NFT Marketplace,” and the job ad isn’t vague about the firm’s objectives. According to the job, the ideal applicant would “design, construct and deploy backend services enabling millions of customers to produce, buy, sell and utilize NFT-backed digital goods.”

It’s not known when Reddit initially featured the ad. However, a screenshot of their employment board first from Internet Archive implies it was posted earlier this month. Officials for Reddit do not reply directly to Decrypt’s seeking comment. The Wall was first to break the news earlier this morning.

An NFT is simply a token that works as a ticket for blockchain technology digital assets, such as an art piece, a music clip, or even a video game asset. Reddit’s job post underscores the enormous rise of the NFT sector, which witnessed 2.5 billion dollars of shares traded in the first half of this year before ballooning to 10.67 billion dollars in Q3 alone. It underlines the possibilities for NFTs as artwork & in the upcoming online metaverse. But it also illustrates how NFTs may be a significant factor in uniting and rewarding communities.

“If there is one element we’ve found with NFTs, they also have a remarkable potential to engender a feeling of engagement and belonging,” it continues. “Alongside every fresh NFT project, a dynamic community of owners sprouts up with it. Fans of today’s largest artists and businesses are increasingly rushing to purchase digital products directly from people who support them, to receive exclusive accessibility, and to feel a better feeling of belonging with them.”

According to the advertisement, Reddit’s NFT team is “new and exciting” and “rapidly developing.” The startup is searching for someone that can “move quickly while maintaining a high level of quality,” implying aspirations to quickly enter the fast-paced area as industry giants like FTX and Coin base establish their NFT markets.

In June, the company debuted it’s own Reddit-branded NFT souvenirs, which included four digital characters inspired by the site’s “Snoo” alien mascot. These Ethereum NFTs were sold on the OpenSea marketplace and have since produced about $1.85 million in trading activity.

NFTs are not Reddit’s first foray into the broader cryptocurrency sector. The company now operates a cryptocurrency rewards program called Community Awards, which is active in just 2 of its over 100,000 subreddits. Tokens based on Ethereum may be redeemed for extra rewards and features inside communities, or they can be swapped for real money.