Reddit has introduced a new method to accept cryptocurrency payments using Community Points. The platform has partnered with a popular crypto exchange, FTX, to introduce new crypto-enabled benefits for Reddit Community Points.
Reddit Community Points are considered as a measure of reputation in communities of users. They are displayed next to usernames in subreddits to make the most prominent community contributors stand out from the crowd. Community Points are present on the Arbitrum Nova blockchain. This allows users to take their reputation anywhere they are recognized on the Internet.
The integration of Reddit with FTX Pay will allow users to buy Ether cryptocurrency from supported Reddit apps. The crypto can then be used to pay blockchain networks the fees for their on-chain Community Points transactions.
Community Points will allow people to create Special Memberships in the community that users can purchase with points. Special Memberships unlock multiple features. Users will also be able to tip someone for commenting or posting. Community Points can also be sent to Redditors with a crypto Vault.
Further, users will be able to run weighted polls to make big decisions in their community, add animated Emoji, and embed GIFs. The polls will give a more significant voice to people who have contributed extensively to the community. The more Community Points someone has, the more weight their vote will carry.