Reddit is Killing Blockchain-Based Community Points

Reddit is winding down Community Points -- the blockchain-based "internet points" program designed to reward creators and developers -- in favor of prioritizing rewards programs that are less difficult to scale. From a report: "Though we saw some future opportunities for Community Points, the resourcing needed was unfortunately too high to justify," Reddit's director of consumer and product communications Tim Rathschmidt told TechCrunch. "The regulatory environment has since added to that effort. Though the moderators and communities that supported Community Points have been incredible partners -- as it's evolved, the product is no longer set up to scale." Community Points, which will be phased out by early November, were promoted as a chance for Redditors to "own" a piece of their community. First launched in 2020, Community Points were awarded to users who positively engaged in select subreddits in order to incentivize better content and conversation. The points were essentially interchangeable Ethereum tokens stored in Reddit's Vault, which operated as a cryptocurrency wallet.

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