Reddit Is Building NFT Platform – Blockchainreporter

The online discussion community seeks a senior engineer to build out an NFT platform for millions of users.

NFTs have become very popular in the past year and this has made companies explore the industry. Crypto sounds a lot risky and something not everyone will be interested in. On another side NFTs are fun and gain a lot of attention. This is why we might even see Reddit’s NFT platform very soon. The company has already been hiring people related to the industry for designing and maintaining its own NFT platform.

According to a Greenhouse vacancy Reddit is seeking a senior backend engineer for a platform responsible for “millions of users to create, buy, sell, and use NFT-enabled digital goods.” The position requires at least five years of experience in backend development and the ability “to design and implement complex distributed systems that operate under high load conditions.”

The NFTs space has experienced parabolic growth in the last six months. Space is fueled by an incredible demand for tokenized art, in-game items, and digital collectibles. The ongoing boom has prompted some of the largest crypto firms, such as Coinbase and Binance. To launch their own marketplaces facilitating the buying and selling of these assets. Now, it appears Reddit may be planning its own NFT marketplace.

The initiative comes amid a surge in NFT’s popularity that has sparked a flood of companies entering the market. In early October, the two exchanges Coinbase and FTX.US announced that they were building their own NFT market.

NASDAQ reported that in 2020 “the global NFT market did about $338 million in transaction volume.” And they believe the global NFT market has the potential to grow by 1,000X over the next 10 years.

The presumptions over Reddit’s plans are to be true and many keep betting on these reported numbers and the question is raised whether the non-fungible token market could be getting closer to that growth a lot sooner than expected.

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