Investing
Reddit Moons Up 73% as ToS Changed to Allow for Sale of Virtual Assets
Published:
Last Updated:
Reddit’s blockchain-based tokens Moons rallied over 73% in the past 24 hours after the social media platform made significant amendments to its Terms of Service (ToS). Notably, the new changes now allow avatars and Community Points – assets awarded to Reddit users for their contributions to the network – to be sold.
ToS Changes on Reddit Leads to Moons Uptick
Moons, tokens that users of the /r/cryptocurrency subreddit can earn and spend within the platform, saw a sharp rise over the past 24 hours after the social media company made notable changes to its terms of service. The crypto token’s price soared more than 73% on the day to $0.16, according to CoinGecko data.
The upswing comes after Reddit modified its ToS to enable the sale of Reddit Community Points and verify virtual avatars within the platform. To be more specific, the new changes made a distinct separation between Reddit’s virtual Goods (web2) and verified virtual goods (web3).
“You may be able to earn, claim, purchase, sell, or give certain virtual avatars, goods, currencies, or items that can be cryptographically verified on a public blockchain through the Services in accordance with the Previews Terms and Reddit Terms (collectively, “Verified Virtual Goods”), including Reddit Collectible Avatars and Community Points.”
– Reddit’s new ToS states
The new changes were welcomed in the post’s comment section, particularly the fact that users can now sell their favorite avatars and Community Points – which serve as a measure of reputation. Interestingly, the popular crypto exchange Kraken held the top comment.
“Thank you for bringing this to our attention. We appreciate all your messages and will ensure that your requests reach the relevant team for review. We’ll be sure to post all the latest news on our socials and blog.”
– Kraken commented.
What are Community Points and Moons?
Reddit Community Points are digital tokens awarded to users based on their participation in specific communities on Reddit. These points recognize and reward users for their engagement and positive contributions to the platform.
Users earn points by posting content, leaving comments, or receiving upvotes. The points can then be used within the community for purposes such as purchasing special flair, unlocking exclusive features, or gaining voting power on community decisions. Until now, sales of Community Points were not allowed on Reddit.
Introduced in 2020, Moons are digital tokens launched as a part of Reddit’s system aimed at incentivizing content creation and engagement. In particular, Moons were rolled out to give Reddit users actual monetary value for their contributions to the social media network.
As an official cryptocurrency for the r/CryptoCurrency subreddit, Moons were listed on the MEXC exchange in September 2022 as USDT pair. Earlier this year, 4.7 million Moons were burned as part of the token’s migration to Arbitrum Nova.
This article originally appeared on The Tokenist
Is Your Money Earning the Best Possible Rate? (Sponsor)
Let’s face it: If your money is just sitting in a checking account, you’re losing value every single day. With most checking accounts offering little to no interest, the cash you worked so hard to save is gradually being eroded by inflation.
However, by moving that money into a high-yield savings account, you can put your cash to work, growing steadily with little to no effort on your part. In just a few clicks, you can set up a high-yield savings account and start earning interest immediately.
There are plenty of reputable banks and online platforms that offer competitive rates, and many of them come with zero fees and no minimum balance requirements. Click here to see if you’re earning the best possible rate on your money!
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
