Reddit is said to tokenize karma points and add 500 million new users

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According to a newly hired Reddit engineer, American social media giant Reddit could soon convert users’ karma points into Ethereum-based (ERC-20) tokens, adding 500 million new crypto users in the process.

A series of tweets from Reddit engineer Rahul highlight Reddit’s efforts to improve user interaction through various cryptocurrency initiatives. As Cointelegraph reported in July 2021, the platform had launched its own Layer 2 rollup with Arbitrum technology for its reward points called Community Points. According to the website:

“Your Community Points exist on the blockchain, independent of Reddit, where they can only be controlled by you (just like Bitcoin (BTC)!).”

Reddit’s partnership with Offchain Labs ‘Arbitrum network enables the creation of a separate blockchain instance that will be used to store users’ tokenized community points.

Currently, the community points of around 80,000 users from two subreddits – r / cryptocurrency and r / FortNiteBR – have been moved to the Rinkeby Testnet in the Arbitrum network, which Rahul says will be scaled for gasless transactions:

In addition, Reddit communities will also have the opportunity to fork blockchains through community-based decisions and leave the leeway to explore new monetization strategies with Web 3.0.

“If we can all do that, we would integrate 500 million web2 users into web3 and then there is no turning back. Let me say that again – 500 million new crypto users. “

Related: Reddit may be preparing to launch its own NFT platform

Reddit has been home to a number of community-driven crypto initiatives, including Dogecoin (DOGE) fundraisers, and continues to target a huge crypto community.

On October 22nd, Cointelegraph reported on Reddit’s search for a senior backend engineer for a platform responsible for “millions of users creating, buying, selling and using NFT-powered digital goods.” According to Reddit about the job posting:

“With every new NFT project, a lively community of owners emerges. We believe this will only increase over time, and NFTs will play a central role in how fans support their favorite creators and communities. “

Other social media platforms, including Twitter and TikTok, have also started allowing their users to have NFT exposure, signaling a greater possibility of mainstream crypto adoption.