Reddit to reportedly tokenize karma points and onboard 500M new users

Reddit communities will be able to fork blockchains via community-based decisions. This will permit them to check out new monetization methods using Web 3.

Reddits partnership to Offchain Labs Arbitrum will enable the creation of a different Blockchain circumstances that can be used to keep tokenized community points.

” Your Community points exist on the blockchain independent of Reddit where they can just been managed by you (simply as Bitcoin (BTC). How will we do this? Reddit has actually signed up with forces with @OffchainLabs and produced our own instance. Already, community points for 2 subreddits (80,000 members) are available on Rinkeby Testnet (different from Arbitrum One) on our Arbitrum network.
— Rahul (@iamRahul20x) November 3, 2021

The neighborhood points representing around 80,000 users of two subreddits, r/cryptocurrency, and r/FortNiteBR, have been transferred to the Rinkeby testnet on the Arbitrum network. Rahul states that the testnet will soon be scaled up for gasless transactions.

” When everyone pull this off, 500M web2 users would be onboarded into web3, and there will be no turning back. Ill repeat it once again: 500 million more crypto users.

Reddit, the American social networks giant, might soon transform users Karma points into Ethereum-based tokens (ERC-20), and onboard 500,000,000 brand-new crypto users, according to a Reddit engineer.

Reddit engineer Rahul tweets a series of tweets that highlight Reddits efforts in improving user interaction via various cryptocurrency initiatives. Cointelegraph reported that the platform had released its layer-2 rollup with Arbitrum technology to reward its points.

Reddit could be in the process of releasing its own NFT platform

” With each new NFT project, there is a dynamic community that emerges with it. We believe that this pattern will continue to grow and NFTs will play an important function in fans supporting their favorite developers.

Reddit is home to many community-driven crypto efforts, including Dogecoin (DOGE), fundraising events. It continues to serve a big crypto community.

Other social networks platforms, such as Twitter and TikTok, have started allowing NFT direct exposure for its users. This indicates a higher likelihood of cryptos mainstream adoption.
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Reddit engineer Rahul tweets a series of tweets that highlight Reddits efforts in improving user interaction by means of numerous cryptocurrency efforts.” Your Community points exist on the blockchain independent of Reddit where they can only been managed by you (simply as Bitcoin (BTC). Reddit has signed up with forces with @OffchainLabs and created our own instance. Already, community points for 2 subreddits (80,000 members) are readily available on Rinkeby Testnet (separate from Arbitrum One) on our Arbitrum network.

Cointelegraph released a report on Reddits search for a senior backend engineering for a platform that enables “countless individuals to develop, purchase and sell NFT-backed digital products.”