TL;DR
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Unhealthy information: Reddit is winding down its Neighborhood Factors program, as of November eighth.
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Excellent news: This can be a complete separate factor to Reddit’s collectible NFT avatar program, which is able to proceed to be supported.
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This is the place Reddit might’ve achieved higher: It seems that the one factor you are able to do with Neighborhood Factors tokens now, is promote them – which has led to a number of neighborhood tokens crashing in worth.
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With that in thoughts…Reddit took a threat when (as a mainstream Web2 platform) it embraced blockchain know-how – a threat that solely elevated as the corporate continued to construct all through the bear market.
Full Story
Unhealthy information: Reddit is winding down its Neighborhood Factors program, as of November eighth.
(Neighborhood Factors are crypto tokens you might earn and use to redeem particular perks, like memberships, distinctive badges, or animated emojis).
Excellent news: This can be a complete separate factor to Reddit’s collectible NFT avatar program, which is able to proceed to be supported.
So why did Neighborhood Factors go ‘kaput’?
There have been 2.5 fundamental causes…
1. The overall prices have been too excessive to justify
2. The regulatory setting within the US is not precisely ‘crypto token pleasant’ rn
2.5. We do not know this for positive, however a littly birdy instructed us that Reddit is planning to go public quickly. It is smart to do something to assist with their public picture (and in a bear market, crypto would not actually assist that).
So Reddit determined to pivot and put its vitality into tasks that do what the Neighborhood Factors program aimed for, however in a extra user-friendly / much less crypto-centric method.
And we get it; generally, simplicity is the secret.
That stated, here is the place Reddit might’ve achieved higher:
It seems that the one factor you are able to do with Neighborhood Factors tokens now, is promote them – which has led to a number of neighborhood tokens crashing in worth.
Reddit has a non-crypto user-rating system known as ‘Karma.’
(Principally, in the event you reply steadily/get upvoted persistently/typically contribute positively to the platform, you may get Karma factors in return).
It will’ve been good to see Reddit enable Neighborhood Factors holders swap their Factors for Karma.
With all that in thoughts…
Reddit nonetheless took a threat when (as a mainstream Web2 platform) it embraced blockchain know-how – a threat that solely elevated as the corporate continued to construct all through the bear market.
So, we nonetheless love them for that.
