Reddit’s Terms of Service Change Allows for Trading of Community Points
Reddit recently changed its Terms of Service, explicitly allowing for the trading of its tokenized Community Points. This change has had a significant impact on the price of Moons (MOON), the native token of Reddit’s r/CryptoCurrency community, which has seen a triple-digit price gain of 170% in a week. The Bricks (BRICK) token, distributed as a reward in the r/Fortnite subreddit, has also surged 300% in two days. The speculation about impending changes to Reddit has driven these two tokens higher.
Main Key Points:
- Moons’ price has increased by 170% to almost 25 cents due to Reddit’s Terms of Service change.
- Moons are ERC-20 tokens distributed as rewards for posts and comments in the r/CryptoCurrency subreddit.
- Bricks, the token for the r/Fortnite subreddit, has surged 300% in two days.
- Reddit’s Terms of Service change allows for trading of verified virtual goods and community points.
- Speculation about Reddit’s future changes has contributed to the increase in value of MOON and BRICK tokens.
According to CoinDesk, no firm changes have been announced for Reddit’s Community Points, but the community speculates that Reddit will give more attention to them. Trading community points has always been possible, but it is difficult to do so through the Reddit app. Users have to export the private key from the Reddit wallet and import it into a crypto wallet to trade the points.
Users of the r/CryptoCurrency subreddit responded positively to the terms of change post, with cryptocurrency exchange Kraken expressing gratitude and openness to adding new digital assets. This response has raised hopes for the eventual listing of Moons token on the Kraken exchange and may have contributed to the token’s price surge.
Hot Take:
The recent change in Reddit’s Terms of Service allowing for the trading of tokenized Community Points has had a significant impact on the price of Moons and Bricks. This change opens up new possibilities for users and increases the value of these tokens. It will be interesting to see how Reddit further develops its Community Points and how it affects the overall crypto market.
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