On Tuesday, Reddit announced the sunsetting of its blockchain-based Community Points product. The decision was announced by a Reddit admin on a few subreddits that had their own cryptocurrencies; Ethereum-based tokens like “moons”, “bricks” and “donuts”. CoinDesk reported these tokens have experienced losses of an astounding 60-90 percent following the announcement.
Community Points will be completely phased out nort later than November 8th. A Reddit spokesperson blamed the lack of “scalable programs” to pursue as well as robust government protocol for the shutting down of the project. To replace it, the Contributor Program was revealed which will let users turn Reddit gold to real money.
The webpage to explain Community Points was also taken down however a September archived version can still be viewed on the Wayback Machine. The company also mentioned its support for Collectible Avatars (NFT’s) during August of this year and there are still plans to support the feature.