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Reddit announces its entry into the NFT field

November 13, 2021
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Reddit announces its entry into the NFT field

In order to improve its service to the community, Reddit decided to design an environment immersed in cryptocurrency. The website will use digital assets that we usually see on other NFT-centric websites.

About 500 million users regularly use Reddit. According to Reddit engineer Rahul, many of them are expected to participate in blockchain activities.

Soon will see the rapid development of the community

For those who remember Reddit’s statement about community points, the statement of its NFT joint venture is no longer a surprise. Earlier this year, the social news aggregator stated that it would launch a summary focused on Arbitrium to test the system.

The Arbitrium network is responsible for allowing Ethereum smart contracts to proceed through specific codes. According to Rahul, 80,000 users of r/FortNiteBR and r/cryptocurrency subreddits are testing the gas-free transaction function.

The organization has been committed to bringing new trends to the NFT boom, because the gas fee of Ethereum is considered to be the highest among all public chains. In terms of monetization strategy, Reddit also hopes to enter Web3.0.

Reddit’s intention to dive into the NFT world has been arranged in a plan. On a job list on October 22, Reddit stated that it was looking for someone who knew how to handle “millions of users creating, buying, selling, and using NFT-backed digital products. At the time, the company was looking for a Senior back-end engineer.

After the “Washington Post” landed, many people believed that the platform had finally joined the trend of using digital currencies. The community will be connected by supporting various creators throughout the site.

Twitter and Discord invest in NFT

Discord CEO Jason Citron announced that NFT transactions will soon sweep Discord. It implies that cryptocurrency will become an official part of the company’s venture capital.

On the other hand, Twitter is also considering the integration of blockchain. The social media giant has established a crypto team to handle future crypto-related transactions.

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