Reddit will tokenize karma points and enroll 500 million new members

Rahul, a Reddit programmer, emphasizes the social media platform’s attempts to boost user involvement via a variety of cryptocurrency projects.

According to a recently recruited Reddit programmer, the American social media behemoth Reddit may soon turn users’ karma points into Ethereum-based (ERC-20) tokens, onboarding 500 million new crypto users in the process.

Rahul, a Reddit programmer, emphasizes Reddit’s attempts to promote user engagement via different cryptocurrency projects in a series of tweets. As Cointelegraph revealed in July 2021, the network had established its own layer-two rollup for its rewards points, dubbed Community Points, that used Arbitrum technology. The webpage claims that:

“Your Community Points exist independently of Reddit on the blockchain, where they can only be managed by you (just like Bitcoin (BTC)!).”

Surely there are better ways to monetize than just creating walled gardens. One that is a WIN-WIN. One where even users can earn by curating content.

Recently read a beautiful thread by @evan_greer on smth similar:https://t.co/rje8F7GgGV

— Rahul 🔊🦇 (@iamRahul20x) November 3, 2021

Reddit’s collaboration with Off-chain Labs’ Arbitrum network will enable the development of a second blockchain instance to store users’ tokenized community points.

Currently, the community points of around 80,000 members from two subreddits — r/cryptocurrency and r/FortNiteBR — have been migrated to the Arbitrum network’s Rinkeby Testnet, which will be scaled for gasless transactions, according to Rahul:

Furthermore, Reddit communities will be able to fork blockchains based on community choices, enabling them to experiment with new revenue tactics using Web 3.0.

“If we all pull this off, we will have onboarded 500 million web2 users onto web3, and there will be no turning back.” Let me repeat that: 500 million new cryptocurrency users.”

Reddit has hosted a variety of community-driven crypto projects, such as Dogecoin (DOGE) fundraisers, and it continues to serve a large crypto community.

Reddit was looking for a senior backend developer for a platform that allows “millions of users to produce, purchase, trade, and utilize NFT-backed digital commodities.” According to the job advertisement on Reddit:

“With each new NFT enterprise, a dynamic community of owners emerges.” We think that this will only develop over time and that NFTs will play an important part in how people support their favorite artists and communities.”
Other social media sites, including Twitter and TikTok, have begun to enable NFT exposure to its users, indicating a greater likelihood of crypto’s mainstream acceptance.

Also Read: Bank Of America Chief Operating Officer Tom Montag Views Crypto As An Asset Class