Social media forum Reddit recently announced a partnership with the crypto platform FTX. According to FTX, Reddit will soon integrate Reddit Community Points (RCP) into the crypto app. Here is a collaboration that members from the r/cryptocurrency subreddit will like.
Reddit will soon include an FTX Pay option to unlock crypto-exclusive RCP perks. Arbitrum (one of the top Ethereum scaling solutions) founded the RCP.
Users can use FTX Pay to purchase ETH. Additionally, a user can spend the coin to pay the network fees for RCP transactions and further gas costs.
The feature will soon become available for Redditors in the US, EU, and Australia. FTX and Reddit Utilize Blockchain to the Fullest.
According to FTX’s Sam Bankman-Fried, his company is dedicated to bringing power to online communities (such as subreddits) to make the most out of blockchain technology. Hence the partnership with Reddit.
Alexis Ohanian, Reddit co-founder, funded $100 million for Web3 investments. Then, he revealed another $200 million investment for social media projects in collaboration with Polygon.
Companies including Google Cloud, Consensys, and QuickNode joined the “Data Availability Committee” by Arbitrum Nova. The announcement happened after the Arbitrum Nova Chain reveal by Off-chain Labs. The companies consider this chain the optimal solution for Web3 gaming and social media applications.
The joint partnership between FTX and Reddit could evolve forums into more rewarding platforms for the active users and biggest contributors.
Twitter and Meta have both been very open when it comes to blockchain integration. The social media giants have already begun testing NFT inclusion with profile pics and short Reel videos. While the public still feels alienated by Web3 features, the slow adoption of blockchain may naturally come with the users.
A streamlined experience is needed for Web3 to work with the mainstream communities. Once the users get comfortable with blockchain features, that is when money flows in for the investors.
