Reddit is Testing an NFT System That Can Convert Karma Points Into Ethereum Tokens

Reddit is the most recent social news platform to embrace the NFT trend. 80,000 Redditors are reportedly testing a new blockchain mechanism for the community at this time, according to the discussion network.

The site will soon enable users to convert their karma to points into Ethereum-based currency.

Reddit NFT Platform

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

The community point system, which is currently undergoing a series of testing, is made possible by the Arbitrum technology, according to an article published by Notebook Check on Thursday, Nov. 11.

Reddit made the decision to create a cryptocurrency-infused ecosystem in order to better serve the community. The website will eventually encourage the use of the digital assets that are typically found in other NFT-focused websites.

Approximately 500 million users routinely use Reddit as of this writing. According to the now-deleted post from Rahul, a Reddit programmer, it is anticipated that many of them would soon take part in blockchain activities.

We might perhaps witness the tokenization of karma points for the enormous community soon enough.

For many who remembered Reddit’s statement on its Community Points, the NFT venture’s news was no longer a surprise. The social news aggregation website announced earlier this year that it would launch its Arbitrum-focused rollup to test the technology.

Through certain coding, the Arbitrum network enables Ethereum smart contracts to function. 80,000 members from the r/FortNiteBR and r/cryptocurrency subreddits, according to Rahul, are currently evaluating how the gasless transaction would function once it is launched.

Since the gas prices on Ethereum are thought to be the highest amid the rest, the organization has been dedicated to introducing a new trend to the NFT frenzy. Reddit also wants to move toward Web 3.0 in terms of revenue techniques.

The decision to enter the world of NFT is fully planned out. Reddit posted a job listing on October 22 seeking a candidate with experience managing “millions of users to create, buy, sell and use NFT-backed digital goods.” At that period, the company was looking for a senior backbone engineer.

Many people believed that the platform was finally jumping on board with the digital tokens when the post first appeared. By assisting the many creators on the website, this would help strengthen links amongst the communities.

Discord and Twitter Form NFT

NFT trading may soon be available on Discord, according to Discord CEO Jason Citron.The screenshot suggests that cryptocurrencies will formally join the company’s endeavor.

However, Twitter is also considering incorporating blockchain technology. The massive social media company has established a cryptocurrency team to manage future cryptocurrency-related transactions.

Male NFT Artists Sell More Than Female NFT Artists

A new study shows an intriguing result between male and female NFT artists, according to a recent article from Coindesk. According to the report, male artists receive at least 77% of the revenue from the sale of non-fungible tokens, compared to only 5% for their female peers.

The study does have certain restrictions, though. For some creators, this also includes “unidentified” gender. This is responsible for 16 percent of the sales. Additionally, the survey omitted mentioning the proportion of female NFT artists.

Read the original article on Tech Time.

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