Reddit’s Crypto Reward Upgrade now in the Offing
Popular social media platform Reddit has launched a waitlist that’ll see it expand its ‘Ethereum based Community Points’ token rewards program.
Reddit’s Ethereum Reward Waitlist
With this new waitlist, it’ll be possible for all subreddit on the platform to opt-in for this feature. The token reward is similar to the regular karma scores that users earn upvotes on their valuable contributions on the forum.
The Community Points are still in their beta phase, and Reddit has warned users to exercise caution. It’s against the platform’s rule to trade, sell, or exchange the points.
Users and mods can sign up for the waitlist to request that the Community Points feature be added to their subreddit once the beta program is live. In addition, all participating subreddits will be able to create “Special Memberships” that unlock more features for users with their points.
The beta program will also introduce “weighted polls,” a feature that gives a more prominent voice to users with higher community points who are usually the most active contributors in the community.
Reddit’s Waitlist has own Website
Reddit also launched a website for the new program, which explains everything a user needs to know about community points and how it will work. Beyond this Community Points program, the social platform is also working on creating an NFT marketplace.
Notably, the platform first started this reward program in December 2019 with an Ethereum based token tagged ‘Donuts’ in the r/Ethrrader subreddit. It later expanded this to other communities in May 2020 with ‘Moons’ for the r/Cryptocurrency subreddit and ‘Bricks’ for r/FortniteBR, all of which are on the Ethereum testnet.
Other Social Media Sites Incorporating Crypto Features
Reddit is not the only social media site that is implementing a crypto feature to its platform. Other social media sites like Twitter have introduced new crypto features to their site in a growing sign of crypto adoption across the world.
Discord also recently hinted that it could be incorporating support for crypto assets on its platform though this was met with stiff opposition from users of the site.