Hacker News Reader

Comment by EA-3167 | Hacker News Reader

If they didn't spend money on a stupid number of employees, endlessly developing "features" people don't want or use, self-hosting images and all of the rest... they wouldn't be in a financial bind. Their desperation to go public has driven their behavior for many years now, and the failure to understand that they don't have a 'trillion dollar product' has led them here.

View on HN

https://nft.reddit.com/

> CryptoSnoos NFTs

> Non-fungible, highly collectible, and ready to take off

> Take advantage of this rare opportunity to own a piece of Reddit history—snag a CryptoSnoo NFT built on the Ethereum blockchain and start your collection.

Some time and money well spent there.

actually, i believe this was very profitable for reddit.

the others examples mentioned above are more pertinent.

I think the opposite, though I admit I'm very negative on NFTs and crypto. IIRC their NFT snoos came out well after the NFT bubble. A probably not insignificant amount of Dev time went into this, and I can't imagine it got much traction.

Of course, it was only this year that I realized reddit even has these snoo avatar things on people's profiles. So maybe I'm wildly off

Sounds like a security. Is reddit licensed to sell securities?

Why would you need a licence? It's innovation bro. I'm innovating with my new scheme. I call it "scheme certificates", basically you buy them off me and then I give you a percentage back each month which we'll call scheme earnings.

It doesn't sound as a security since the profits, dividents or any monetary value tied to these NFTs aren't mentioned.

They were just selling a feature on their website (ability to use an image in some way) with blockchain used as a way to keep transaction and ownership records.

Just like skins and items in the games that aren't securities with a COOL'n'TRENDY way to store database records.

It really is frustrating when companies decide to do anything except focus on and improve their proven core product, chasing dreams of wholly unrealistic valuations.

Improving their core product? That's entirely the problem. The product was finished 10 years ago. Nothing needed to be changed.

Improving the UX for moderators and fighting spam are two things they could never spend too much money on.

The search feature could also famously use an upgrade.

They could have nearly replaced Google if they wanted to.

True, though there’s always room for polish but nobody ever seems to bother with that.

The comment counts are never right.

Reply on news.ycombinator.com