The social media platform Reddit has teamed up with one of the biggest crypto exchanges, FTX, to integrate FTX Pay, a payment solution, with its Community Points.
About Community points
According to Reddit, the community points allow customization, encourage better content, and unlock special features.
These points are a way to measure a user’s reputation in their communities. The community points appear next to a username, which suggests that everyone can see their “score.” Points are made on the Arbitrum Nova blockchain, and the “reputation” of the users can be seen on every platform the blockchain is identified.
FTX Pay Integration
The FTX Pay integration indicates that the social media followers can buy Ethereum from crypto apps supported on Reddit and spend it for the Community Points’ network fees with it. The features will be sustained throughout different markets, including the U.S., the E.U., and Australia.
Reddit’s Software Engineer states that “decentralized, self-sustaining blockchain technology” allows the company “empower communities and introduce new ways” to utilize the platform. And by working with FTX, they are able to do this at scale.
As NFTHi reported, last month, Reddit launched an NFT avatar marketplace where its users are able to accept blockchain-based profile pictures at a fixed rate. They could also use them on and off the platform as an avatar. These avatars have a “glow-like effect” next to their comments.
FTX founder and CEO Sam Bankman-Fried recently communicated his views on how cryptocurrencies can be utilized beyond investment, focusing on payment, market structure, and social media.
Bankman-Fried expressed that payments are currently slow, costly, and complicated, and blockchain and cryptocurrencies can allow anyone to make a wallet and operate it to send and receive tokens–including USD pegged stablecoins.
Referring to the market structure, the founder pointed out that as of now, there is a settlement risk because the markets are overpowered by transactions. Crypto solves this by creating a simpler, more fair, and less risky market structure and settlement.
Further Bankman adds that when it comes to social media, the main problem is that the social media networks are isolated, not interoperable which means that activities on one platform are restricted and visible only to the users of that same platform and nowhere else, leading to “fractured” conversations and interactions. So, using an underlying public chain for messages will have a diversity of opinions along with compatibility.
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