Reddit to Phase Out Blockchain-Based Community Point Tokens (MOON and BRICK) – What's Going On?
The popular social media platform Reddit announces plans to phase out and discontinue blockchain-based community point reward tokens (MOON and BRICK) by November.
On October 17, an announcement was made by a Reddit team member in the r/CryptoCurrency subreddit stating that while they saw some future opportunities for Community Points, there was no path to scale it broadly across the platform due to resource constraints and regulatory risks.
The Community Points had formed an integral part of the Reddit ecosystem, serving as an incentivizing model to reward Reddit users for making high-quality contributions to the social media platform. The point served as a chance for Redditors to "own" a piece of their community.
They also have contributed to the growth of the platform and have been influential in driving user engagement. However, the site plans to fade off the reward program by November 8, and users will no longer earn points in their Reddit vault.
Reddit's Community Points are ERC-20 tokens that were first launched in 2020 to reward users with points for positive engagement in specific subreddits so as to incentivize Redditors for their high-quality content and conversation posted on the platform.
Once these points are granted, both Reddit and moderators cannot revoke them. This point could be exchanged for special features, such as memberships, which can be used to unlock unique badges and different perks on Reddit, such as badges, emotes, GIFs, and other features.
If not, points can readily be converted to Ethereum tokens stored in Reddit's Vault, which operates as the platform's in-house crypto wallet service.
Reddit Director of Consumer and Products Communications, Tim Rathschmidt, said,
"At that point, you'll also no
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