Online forum Reddit has introduced a new way to accept cryptocurrency payments using Community Points. The platform has partnered with FTX, a popular crypto exchange to unlock new crypto-enabled perks for Reddit Community Points.
Reddit Community Points are a measure of reputation in users’ communities. In subreddits, they are displayed next to usernames, so the biggest community contributors stand out from the crowd. It should be noted that Community Points are on the Arbitrum Nova blockchain, so users can take their reputation anywhere they’re recognized on the Internet.
“We’re always working to empower communities and introduce new ways to use Reddit, and decentralized, self-sustaining blockchain technology allows us to do that. By working with FTX, we’re able to do this at scale,” said Niraj Sheth, Staff Software Engineer at Reddit.
The integration of FTX Pay with Reddit will now allow users to purchase Ether cryptocurrency from supported Reddit apps, which then can be used to pay blockchain network fees for their Community Points transactions on-chain.
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Community Points will allow users to create Special Memberships in your community that users can purchase with points. Special Memberships unlock multiple features such as badges, you can personalize your presence on the subreddit with loyalty, achievement, and style badges, and add a highlighted colour to your username. Further, users will be able to embed GIFs, add animated Emojis, and run weighted polls to make big decisions in your community. “Unlike regular polls, these polls give a larger voice to people who have contributed more to the community. The more Community Points someone has earned, the more weight their vote carries,” the company wrote in a blog post.
You will also be able to tip someone for making a post or comment. Community Points can also be sent to any Redditor with a crypto Vault.
“We’re excited to partner with Reddit to continue their work to empower online communities to harness the power of blockchain,” FTX CEO Sam Bankman-Fried said in the release.