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Reddit scores points on the Ethereum blockchain

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Reddit scores points on the Ethereum blockchain

In 2020, Reddit announcement Community Points, a crypto token that debuted on the /r/cryptocurrency and /r/fortnite subreddits. Two years later, the “front page of the Internet” makes it easier for users to purchase its blockchain-based solution. Thanks to a FTX integration, Redditors can now exchange fiat currencies for Community Points.

Reddit is considering several uses for Community Points. They can be used to fund specific subreddits or unlock special features and privileges. By encouraging its users to “own” pieces of their favorite subreddits, Reddit hopes to “encourage better content and conversation,” according to the Community Points homepage.

But for Community Points to pay off, Reddit will need to get them into the hands of PO everywhere. The deal with FTX will allow token owners to use fiat currencies to pay for “gas fees” on the Ethereum blockchain. Community Points can also be held in crypto wallets built on the Arbitration rollup (which “rolls” multiple blockchain transactions and delivers them to the Ethereum network, hence its name). “Users need Eth for gas fees to transact with their on-chain Community Points, and FTX Pay lets them do that,” said Amy Wu, head of FTX Ventures, in an e-mail to blockages.

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The deal between Reddit and FTX unites two companies that have remained bullish on NFTs even amid a supposedly “crypto winter.” FTX, the third largest crypto exchange in the world by volume, has become one of Web3’s most active investors. Its CEO, Sam Bankman-Fried, led a $3.25 Funding Cycle raised by Trustless Media, a startup looking to do “NFTV” shows.

Reddit’s connections to crypto can be traced back to its co-founder, Alexis Ohanianwho invests frequently in NFT-oriented projects. The platform he helped build fostered a thriving community of blockchain enthusiasts, and the “cryptocurrency” was Reddit. most popular topic in 2021. To serve these token-hungry consumers, Reddit has released several NFT collections, including those from 2021 CryptoSnoos and this year Collectible Avatars.

If you want to catch crypto fever on Reddit by earning community points, you’ll have to be patient. Access to the nascent feature is currently restricted by a waiting list.

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