Popular news aggregation and discussion website Reddit has changed its terms of service, allowing users to earn, purchase or sell currencies and items that can be cryptographically verified. The change in terms also explicitly outlined a clear separation in the definition of non-tokenized Web 2 virtual goods and tokenized Web 3 virtual goods, with a member of the Reddit product team disclosing plans to sunset the former.
The folks at /r/cryptocurrency thinks this is a sign that community points (specifically their Moons) are going to be used as part of their program to reward Redditors monetarily for content. Personally, I have my doubts. This program is rumored to apply only to people in the US at first. Given the hostile reaction of the SEC right now to crypto tokens, I doubt any company that aims to go public will pay Americans in Crypto right now. It seems more logical that those payments will be in good old cash.
However, as someone who holds some Moons, I don’t mind that people are confused, and aim to sell mine while the hype is still here.
I have several hundred “Bricks” which is some cryptocurrency from r/FortniteBR … It’s stored in my “Vault” but I dunno how to use it or what I can buy with it. I dunno if I can sell it, but I remember them specifically referring to these Bricks as crypto when they came out, and they are earned by posting content and comments.
Bricks are crypto just like Moons are, they’re not quite worth as much though, 6 cents each or so the last time I looked. These crypto tokens are smart contracts on the Arbitrum Nova network, which is itself a layer on top of Ethereum. If that all sounds a bit complicated, that’s because it is. Selling is a bit of a chore. It looks like there are services under development to make it easier, but of course those services will act as a middleman and probably take a bit of profit along the way.
In your Reddit Vault Settings, there is a way to extract your Recovery Phrase. This is a way to access the crypto wallet inside your Reddit account in a standard form. You should save it in a safe place, on paper. Using that phrase in crypto wallet software will enable you to transact without needing the Reddit app to do so. But be careful! That phrase is like your crypto bank account, credit card number, SSN, and mothers maiden name all in one package. Anyone with access to that phrase can access your assets in that wallet. Dont use it in anything electronic until you are looking to sell. In the unlikely event hackers gain access to your personal files (on the cloud or your PC), they know what Recovery phrases look like and can use them to steal your funds.
Regardless of whether you intend to sell or not, it’s a good idea to save that phrase, so it gives you the option in the future, even if Reddit dies.