Reddit, the online forum has declared a new way to accept crypto payments using Community Points. The platform has joined hands with a famous cryptocurrency exchange FTX to unlock new cryptocurrency-enabled benefits for Reddit Community Points.
What are Reddit Community Points?
Reddit Community Points are a means of reputation in users’ communities. In subreddits, they are represented next to usernames, so the biggest community contributors outstand from the crowd. It should be highlighted that Community Points are on the Arbitrum Nova blockchain, so users can take their reputation anywhere they are acknowledged on the Internet.
What do employees at Reddit have to say about this?
A Software Engineer at Reddit, Niraj Sheth said that they are continuously working to empower communities and introduce new means to use Reddit, and self-sustaining, decentralized blockchain technology enables them to do that. By working with FTX, they can do that at scale.
What will the collaboration allow the users to do?
The collaboration of Reddit with FTX Pay will now enable users to buy Ether crypto from fostered Reddit apps, which then can be used to pay blockchain network fees for their Community Points transactions on-chain.
What can users do with Community Points?
Community Points will enable users to create Special Memberships in the community and that users can buy with points. Special Memberships unlock many features like badges, users can customize their presence on the subreddit with achievement, loyalty, style badges, and even add a highlighted color to their username.