– Reddit will be shutting down its blockchain-based rewards service, “Community Points,” on November 8 due to scalability concerns.
– The service, which rewarded users with points for positive engagement in certain subreddits, aimed to incentivize higher-quality content on the platform.
– The points were Ethereum-based ERC-20 tokens stored in Reddit’s in-house crypto wallet service, the “Reddit Vault.”
– Each subreddit had its own token, such as Moons (MOON) for r/CryptoCurrency and Bricks (BRICK) for r/FortNiteBR.
– Users could spend these points on badges and exclusive items for their avatars.
– The decision to shut down Community Points has disappointed and angered Reddit users and crypto enthusiasts.
– The value of the Reddit tokens MOON and BRICK significantly dropped following the announcement.
– Reddit users expressed their frustration, with some canceling their special memberships and vowing to never use the platform again.