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Reddit is Testing NFT Platform That Can Convert Karma Points to Ethereum Tokens

Reddit is the latest social news site to jump to the NFT trend. According to the discussion network, 80,000 Redditors are currently testing a new blockchain system for the community.

Soon, the platform would allow users to convert the karma to points into tokens based on Ethereum.

Reddit NFT Platform

(Photo : Brett Jordan from Unsplash)

Reddit is one of the latest companies besides Twitter and Discord to venture into NFT. Here’s the full report about that.

According to a report by Notebook Check on Thursday, Nov.11, the community point system that is now undergoing a series of tests is made possible through the Arbitrum technology.

To improve its service to the community, Reddit decided to come up with an environment that will be immersed in cryptocurrency. The site will soon lead to the adoption of the digital assets that we usually see in other NFT-centered websites.

At the time of writing, there are about 500 million users who use Reddit regularly. It is expected that many of them would soon engage in blockchain activities, as per the now-deleted tweet from Rahul, a Reddit engineer.

Soon enough, we could potentially see the tokenizing of karma points for the huge community.

The announcement about its NFT venture was not a surprise anymore to those who remembered Reddit’s announcement about its Community Points. Earlier this year, the social news aggregation site said that it would unveil its Arbitrum-focused rollup to experiment with the system.

Read Also: Fiancé Gets Mad at Man for Proposing to Her with NFT Instead of Ring | Man Lost Half of Savings on Dogecoin

The Arbitrum network is responsible for allowing Ethereum smart contracts to take place through certain codes. According to Rahul, the 80,000 users from r/FortNiteBR and r/cryptocurrency subreddits are now testing how the gasless transaction would work upon launch.

The organization has been committed to bringing a new trend to the NFT craze since the gas fees on Ethereum are considered the highest among the rest. For the monetization strategies, Reddit also hopes to journey to Web 3.0.

The intention to dive into the world of NFT is already arranged in a plan. On an Oct.22 job listing, Reddit said that it was looking for someone who knows how to handle “millions of users to create, buy, sell and use NFT-backed digital goods.” The company was seeking a senior backend engineer at that time.

Upon the landing of the post, many assumed that the platform was finally joining the bandwagon with the digital tokens. This would also connect the communities by supporting the various creators across the site.

Twitter and Discord Venture NFT

Discord CEO Jason Citron announced that NFT trading could soon come to Discord. The screenshot hints that cryptocurrency would become an official part of the company’s venture.

On the other hand, Twitter is also thinking of integrating blockchains. The social media giant has created a crypto team to handle crypto-related transactions in the future.

Male NFT Artists Get More Sales Than Females

Coindesk recently reported that a new study suggests an interesting finding between male and female NFT artists. It says that at least 77% of generated sales from selling non-fungible tokens goes to the male artists while only 5% are placed to the female counterparts.

However, the study contains some limitations. This includes “unidentified” gender for some creators. 16% of the sales are attributed to this. In addition, the study did not mention the number of NFT artists who are women.

Related Article: Coinbase’s NFT Waitlist Sees More Than One Million Signups On Day 1, Says Source

This article is owned by Tech Times

Written by Joseph Henry 

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