Two subreddits have announced their own tokens, to be used on the Reddit platform. The assets were launched on May 13.
The two subreddits, r/Cryptocurrency, and r/FortNiteBR, intend to use their digital tokens as “community points” on the platform. The coins are called MOON and BRICK. Both subreddits have 2.4 million members among them.
Community members earn these tokens by being active on the platform and contributing consistently, through posts and comments. The tokens are powered by the Ethereum blockchain and will be held in the Reddit Vault, a wallet embedded into Reddit’s mobile apps on both the iOS and Android platforms. As an ERC-20 token, holders will be able to transfer their assets to other compatible wallets. However, there is currently no word about the possibility of support from exchange platforms.
According to an r/FortNiteBR announcement:
“[The BRICKS asset] can be traded freely and used for any number of purposes within the community. At this time, they can be used to display reputation within the subreddit, unlock exclusive features like badges and GIFs in comments with a Special Membership, and add weight to votes in polls.”
According to an r/Cryptocurrency announcement, MOON will also have the same qualities.
Last year, a study found a correlation between Reddit crypto discussions and the trajectory of the coins.