The social media giant is making plans to enter the Non-Fungible Token market, opening a platform that will allow users to “create, buy, sell and use NFT-backed digital goods”.
Social media site and discussion board Reddit has announced their intention to build an NFT platform for buying and selling NFTs, or crypto collectibles. Revealed in a job posting last week, Reddit has stated that they are building “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 draws 430 million monthly visitors, and there’s no doubt that their NFT platform will be hugely popular and help give more people access to working with this revolutionary technology.
News of Reddit’s plans come amid the skyrocketing popularity of NFTs, which continue to penetrate deeper into the mainstream as more and more successful brands announce plans to integrate NFTs into their services. Reddit clearly understand the potential of NFTs and the reasons behind their increasing popularity, stating in their posting that “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.”