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Reddit Is Building an NFT Platform – The Street Crypto: Bitcoin and cryptocurrency news, advice, analysis and more – TheStreet

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Social media service hiring engineers to build NFT services "for millions of users"
Social network Reddit is planning to build its own NFT platform, according to a new job posting.
Reddit is hiring engineers to “design, build and ship backend services for millions of users to create, buy, sell and use NFT-backed digital goods."
That's according to job listings posted on LinkedIn. It doesn’t sound like a small operation.
“Our team is 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,” the listing reads. “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.”
Reddit did not immediately respond to a request for further comment.
Reddit would be the latest social media platform to more closely tie itself to crypto and NFTs.
Twitter recently announced it will support crypto-tipping and NFTs. This week, Facebook announced plans to change its name as it pivots to focus on metaverse development. In September, Tik Tok launched a collection of curated creator NFTs.
Crypto companies are also pushing into the social media space as well. When Coinbase announced plans for its NFT marketplace this week, it noted that a robust social sharing component would be a key part.
“We’re designing for social engagement. By fostering connections, Coinbase NFT will help creators, collectors, and fans build community,” a blog post announcing the platform read.
Disclosure: Stephen Stirling is a senior reporter for the Street Crypto. He is an NFT artist that uses the platform OpenSea, and holds NFTS from NBA TopShot, Zed.Run, Robotos and Superlative Secret Society currently valued at more than $500 USD.
Social network Reddit is planning to build its own NFT platform, according to a new job posting.
Reddit is hiring engineers to “design, build and ship backend services for millions of users to create, buy, sell and use NFT-backed digital goods."

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FASB Excludes NFTs, Some Stablecoins From Crypto Accounting Project – The Wall Street Journal

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Michael Saylor can't stop: MicroStrategy now holds 130,000 Bitcoin – Cointelegraph

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MicroStrategy bought an additional 301 BTC for $6 million at an average price of $19,851, the company’s executive chairman announced on Twitter.
MicroStrategy now owns 0.62% of all the Bitcoin (BTC) that will ever be mined. The company’s executive chairman, Michael Saylor, announced that the company bought another 301 BTC for roughly $6 million at an average price of $19,851 per BTC. 
In sum, the company is one of the planet’s largest holders of the asset, owning 130,000 BTC. Apparently, Saylor likes round numbers, buying 301 BTC to reach the 130,000 milestone. 
MicroStrategy has purchased an additional 301 bitcoins for ~$6.0 million at an average price of ~$19,851 per #bitcoin. As of 9/19/22 @MicroStrategy holds ~130,000 bitcoins acquired for ~$3.98 billion at an average price of ~$30,639 per bitcoin.https://t.co/5kYW98ij4I
Due to plunging price action, the company’s investment is down substantially in U.S. dollar terms. MicroStrategy’s entry price is roughly $30,639 per BTC, and the Securities and Exchange Commission filing states that the firm has bought 130,000 BTC at an aggregate purchase price of approximately $3.98 billion.
If MicroStrategy started stacking sats (buying Bitcoin) at today’s prices, it would have spent $2.48 billion on 130,000 BTC. Saylor is currently at a paper loss of over a billion dollars.
According to the SEC filing, the company made the purchase with “excess cash.” Saylor recently stepped down as CEO of the company to focus on buying more Bitcoin, while Washington, DC has taken aim at the billionaire in a tax evasion lawsuit.
Bitcoin enthusiasts were quick to commend Saylor’s buy. Referred to as the “Chad” or “Gigachad,” Saylor’s conviction and commitment to buying Bitcoin despite the investment being underwater has garnered both a devout following and numerous critics.
Related: Bitcoin better than physical property for regular folks, says Michael Saylor
Other large wallet addresses include that of crypto exchange Bitfinex, which holds 170,000 BTC, and a Binance reserve wallet that holds 125,000 BTC. Binance is the world’s largest crypto exchange and has several wallets holding six figures of Bitcoin. Regarding individuals, Saylor has stated that he holds Bitcoin, and FTX CEO Sam Bankman-Fried and Binance CEO Changpeng Zhao are also “hodlers” — a meme that became popular jargon for holding crypto.

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NFT Collections Will Be Regulated Like Cryptocurrencies Under EU’s MiCA Law, Official Says – CoinDesk

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