Reddit has officially partnered with FTX to let users buy Ethereum for their Community Points management.
Rolled out in several major subreddits, users and owners of Community Points have an easier way to convert and use their points on the blockchain, with FTX Pay allowing direct card payments to pay for gas fees.
Reddit and FTX make this crypto deal official
In separate posts, both companies announced that Reddit users will now be able to transfer their Community Points via FTX Pay.
With Community Points, users can spend crypto to get community-specific memberships, vote on decisions, reward creators on the platform, as well as send tips.
However, “respect is earned, not purchased” according to the press release by FTX. Users will need to be fairly active on Reddit if they want to see their Community Points end up in their crypto wallet, called the Reddit Vault.
But where does Ethereum come in? Well, as Reddit makes clear, to interact with their fake internet points (which are no longer fake), users need to pay transaction fees, known as gas fees in the crypto world, and payable in Ethereum.
However, anticipating that many wouldn't know how to buy or use Ethereum, this FTX partnership lets users buy Ethereum for gas fees via a card.
The FTX post states: "We are excited to help bring Reddit’s vision to life and help communities break free of walled gardens and take ownership of their existence online."
Community Points are available, but not for the whole community
Despite this major announcement from Reddit and FTX, only users from r/CryptoCurrency and r/FortniteBR can currently use the cryptocurrency. Reddit does plan on making this feature available for all communities, but it seems that users of these two subreddit forums will get priority.
Fans interested in cryptocurrency are probably on Reddit anyway, so this seems this was always inevitable.
I wonder if the r/Buttcoin subreddit is on the waitlist.