Reddit, the popular online forum, has launched two tokens in beta testing for users to earn rewards for contributing content, The Block has learned.
The two tokens, one named $MOONS and other $BRICKS, will be issued to members of the subreddits /r/Cryptocurrency and /r/FortniteBR, respectively, as part of Reddit’s new initiative called “Community Points.”webpage that guides users to open “Vault,” a new platform to manage these tokens.
With Vault, users can view their tokens from multiple subreddits and claim and spend their points, according to a prompt on Reddit’s mobile app.
Both tokens are ERC-20 tokens issued on the Ethereum blockchain, and by creating Vault, users essentially create new Ethereum wallets where tokens can be stored.
Meanwhile, Reddit members can use the tokens to vote, tip content creators, and transfer funds. The forum will also display users’ token balances as a way to measure their credibility. /r/Cryptocurrency and /r/FortniteBR have 1 million and 1.3 million members, respectively.