Reddit To Build NFT Marketplace
Thursday, October 21, 2021
Reddit is looking for a Senior Backend Engineer to build its new NFT Platform.
Mojito, the NFT commerce suite behind Sotheby’s Metaverse, raised $20 million in funding.
Ethereum Altair’s upgrade is scheduled for October 27th. More than 50% of stakers have upgraded.
The Weekend joins the board of directors for Tom Brady’s Autograph NFT platform.
Reddit To Build NFT Marketplace
Reddit will soon be among the latest platforms to build its own NFT marketplace. The platform is looking to hire a Senior Backend Engineer to build its new NFT Platform. They are looking for someone to design, build and ship backend services for millions of users to create, buy, sell and use NFTs.
The job posting highlights the explosive growth of the NFT market, which has seen more than $13 billion in trading volume this year. Reddit says that its NFT team is new and rapidly growing. The announcement comes as FTX, Sotheby’s, and Coinbase move ahead with launching their own NFT marketplaces.
Reddit launched its own Reddit-branded NFT collectibles in June, offering a total of four digital avatars inspired by it’s alien mascot. The four 1-of-1 NFTs were sold on OpenSea, generating just under 400 ETH in trading volume.
The company also has a token rewards program currently in beta called Community Points, which has been deployed in just two of the more than 100k subreddits. The Ethereum-based tokens can be redeemed for perks within subreddits and will be redeemable for fiat at a later date. Reddit has partnered with layer2 scaling solution Arbitrum for the wider rollout of Community Points.
Mojito NFT Platform Raises $20,000
Mojito, an NFT commerce suite incubated by crypto marketing firm Serotonin, has raised $20 million in a funding round led by Future Perfect VC and Sotheby’s with participation from Connect Ventures and CMT digital among others. The new round of funding was raised at a $100 million valuation.
Mojito is the tech platform behind the recently launched Sotheby’s Metaverse. Coined as an all-in-one NFT commerce suite, Mojito enables companies to build a fully branded Ethereum-centric NFT marketplace. The platform powers front-end web and mobile apps with perpetual royalties, permissioned access, crypto management, and creative licensing.
Ethereum Altair Upgrade For Validators
The Ethereum Altair upgrade is set to go live next week on Wednesday, October 27th. Altair will enable developers to build light clients on the beacon chain and will raise slashing penalties, which had been lowered at launch to be more lenient towards early stakers.
The beacon chain is a proof-of-stake chain that runs parallel to the current proof-of-work chain in which Ethereum will merge into. Stakers will need to upgrade their ETH 2.0 clients prior to Wednesday, otherwise they risk being slashed, and in extreme circumstances, it could make the network vulnerable to a chain split.
About 50% of stakers have already updated their clients. It marks the first upgrade to the beacon chain and is expected to be the only upgrade before Ethereum switches to proof-of-stake.
The Weekend Joins Autograph NFT Platform
Autograph, an NFT platform co-founded by NFL player Tom Brady, has added The Weeknd and FTX CEO Sam Bankman-Fried to its board of directors. The platform, which has been focused on sports NFTs, will branch out into the entertainment space with the launch of music collectibles.
The Weekend previously released his own NFT collectibles via Nifty Gateway in April, generating more than $2 million in sales. Autograph sells NFTs in a range of prices with higher priced editions featuring an athlete’s digital signature. The collectibles are minted on Polygon and sold exclusively on the DraftKings Marketplace.
Influence Game Launches on StarkNet
Influence, a space-based strategy game, has announced it will be launching on StarkNet. It will be one of the first play-to-earn Massively Multiplayer Online (MMO) games to be fully playable on Ethereum.
Influence’s transition onto StarkNet is expected to substantially improve the player experience with cheaper gas fees and near-instant transactions. StarkNet is an Ethereum layer 2 scaling solution developed by StarkWare. Through the use of zero-knowledge proofs, it computes transactions off-chain and verifies transactions on Ethereum through on-chain data availability.