Is Reddit Building an NFT Platform for its 450 Million Users?

A new job posting for a senior backend engineer has many speculating whether social media giant Reddit might be building its very own non-fungible token (NFT) platform. If so, Reddit will join a host of companies that have recently announced native NFT marketplaces, such as Coinbase and FTX.US.

As the NFT market continues to grow at an explosive rate, more and more are joining in on the craze. Among other things, Reddit’s job posting said:

[We are] a new and exciting, rapidly growing team that aims to build the largest creator economy on the internet, powered by independent creators, digital goods, and NFTs. We are looking for strong engineers and leaders to help us seed the team, set its strategy, and build for the future.

Reddit job posting for senior backend engineer

With over 450 million monthly visitors coming to the site for news updates and discussion threads, Reddit needs to keep up the interest level. The news of a potential NFT marketplace comes soon after the company’s valuation shot up to US$10 billion following a Series F round funding.

Reddit is an important platform in the crypto world, allowing its users to vent their frustrations and generally share their views on cryptos. Its stated intention is to use the capital infusion to improve product features and upgrade the platform for newcomers to understand and explore.

According to the posting, the social media giant is looking for someone who can “design, build and ship backend services for millions of users to create, buy, sell and use NFT-backed digital goods”.

There is No End in Sight

Many thought NFTs would be a short-lived craze, but surely nobody can deny the phenomenon has solidified itself in the cryptosphere. Reddit concurs that the future growth of NFTs cannot be ignored:

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 favourite creators and communities.

Reddit job posting

Bestselling author and “new wave” entrepreneur Daniel DiPiazza tweeted his views on Reddit and NFTs, making no secret as to where he stands: