“We are looking for strong engineers and leaders to help us seed the team, set its strategy, and build for the future. If you ask us, the NFT movement has only just begun, so come and join our team to get started.”
Some of the responsibilities include designing, building and shipping backend services for the creation, purchase, sale and use of NFT-backed digital goods and contributing to the overall strategy of the NFT platform.
It is still unclear if or when Reddit’s NFT platform will come to fruition. However, the company stated in the job 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, and NFTs will play a central role in how fans support their favorite creators and communities.”
Reddit’s first entry into NFTs occurred in June of this year when the firm auctioned off three “CryptoSnoos” — NFTs of Reddit’s mascot, Snoo. CryptoSnoo owners can use it as a profile picture and have their comments glow when using Reddit, The Block previously reported.
Reddit had announced in July that it is scaling up its Community Points project, built on Ethereum-based tokens, through the Layer 2 solution Arbitrum.
With more than $100 billion in market cap across all chains, it is likely that the DeFi market cap will grow to $200 billion by 2025. However, many users still face various technical barriers when using decentralised platforms to do on-chain farming, staking and trading, while off-chain solutions face liquidity issues, fiat restrictions and the lack of a central multichain to support crypto assets and institutional-grade custodians.
The Federal Reserve dropped a new central bank digital currency white paper on Thursday. While largely avoiding the topic of crypto, it suggests that a US CBDC could compete with "private digital money."