For the uninitiated, non-fungible tokens (NFTs) are crypto assets that can be used to help authenticate the ownership of digital property. Unlike cryptocurrencies, such as Bitcoin, every NFT is unique and worth a different price. Because of this individuality, online creators use them as “authenticity stamps” when selling virtual items.
NFTs are a massive opportunity for social media platforms
Although OpenSea is currently the largest marketplace to buy and sell NFTs, the structure of social media provides a unique opportunity for major platforms to enter the market. That’s because many online creators utilize social media platforms to deliver their products. From video creators to musicians, social media offers the unique opportunity to market their work worldwide. For that reason, some of the largest platforms see the potential of the ever-growing NFT market.
One major example is Facebook. Their recent rebranding as Meta was a monumental announcement declaring their shift in focus towards the metaverse. Facebook, which is the largest social media platform in the world with roughly 2.89 billion users, has hinted that its Novi wallet will likely provide support for NFTs. In addition, Twitter is currently creating a verification process for NFT profile pictures to ensure users own the NFT they are repping. Now, it appears Reddit may be entering the playing field.
Reddit has plans to hire an NFT-focused team
A job posting found on Greenhouse states Reddit is looking to hire a Senior Backend Engineer to help develop a platform for people to buy and sell NFT-backed digital items. In addition, the post hints towards plans of building a larger team overall. Reddit states, “We are looking for strong engineers and leaders to help us seed the team, set its strategy, and build for the future.”
Although it’s uncertain whether Reddit will be successful in creating an NFT platform, the company remains very optimistic. In the job posting, Reddit adds that they believe the use of NFTs has, “an incredible power to create a sense of participation and belonging.”
The NFT movement has only just begun.
Reddit
Building an online community around the NFT market
The entire Reddit platform is based around users participating in online communities known as subreddits. Among the diverse communities across the site include subreddits solely dedicated to crypto investments. In fact, the monumental rise of Dogecoin this year can be largely traced back to dedicated subreddits. For that reason, it’s not a stretch for Reddit to view NFTs as a further means to connect people. If you add in the Community Points system, plus their 430 million users, Reddit actually has a unique advantage to break into the NFT market and become a viable competitor.
In the past, Reddit already dipped its toes into the world of NFTs. In June, the company auctioned off four NFTs of their mascot Snoo. Users with one of the tokens, formally known as CryptoSnoos, could use the icon as their profile picture. Additionally, comments made by users with a CryptoSnoo glow on the site.
Reddit views NFTs as the future
Reddit sees the NFT market as a high-demand opportunity to help connect fans with their favorite digital creators. In their recent job posting, it states that the senior engineer would be responsible for designing, building and shipping services, “for millions of users to create, buy, sell and use NFT-backed digital goods.” They also point out the recent trend of people who want to support their favorite creators by purchasing digital goods directly from them. Reddit adds that they believe this sentiment will only grow. In their words, “The NFT movement has only just begun.”
