Reddit Partners With FTX To Innovate Community Points
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According to FTX, the collaboration allows Reddit users to buy the second-largest cryptocurrency by market capitalization from approved Reddit apps and pay blockchain network fees for their Community Points on-chain transactions.
Brand-New Marketplace For Avatars
Reddit introduced Community Points in 2020 as a blockchain-based metric for user communities to gauge reputation. The massive social media company's action underscores its goal of leading Web 3.0 innovation. In July, Reddit introduced a brand-new marketplace for avatars that accepts non-fungible tokens (NFT). This comes as American social media companies intensify their blockchain initiatives, with Instagram announcing that it was extending the reach of its NFT platform to 100 nations.
Community Points On Reddit
Innovating and empowering its online communities to become more autonomous platforms by assuming ownership and control, Reddit is a global pioneer in leveraging blockchain technology. Communities can use Points to reward authors, encourage greater involvement, and launch their bespoke Points token. Moreover, Points allow users to advertise their influence within the subreddit and promote their reputation within or outside Reddit. They can purchase benefits like exclusive memberships and awards using it as well. Points, which stand for ownership, importance, and community governance, can be utilized anywhere that supports them.