PANews May 16 news, according to Techcrunch, Reddit announced on Wednesday that the company will reintroduce the reward system after shutting it down last year. The company said that most of the mechanisms related to rewards will remain the same, but there will be some new additions. For example, rewards will have a new design, there will be a new reward button under eligible posts, and a leaderboard showing the highest rewards received by comments or posts. Earlier this month, Reddit mentioned the reintroduction of the reward program in its first earnings call as a public company.
Last year, Reddit scrapped its rewards program and the ability for users to buy tokens. At the same time, Reddit introduced "Golden Upvotes," which can be purchased directly with cash. In a new post, the company said the system is less expressive than rewards. "While Golden Upvotes is simpler in theory, in practice, it has not worked as expected. It is not as interesting or expressive as traditional rewards, and it is unclear how it benefits recipients."
Users who want to reward posts and comments need to buy "gold", which replaces tokens to a certain extent. On the support page, the company mentioned that on average, rewards cost between 15 and 50 gold. Gold packages in the Reddit mobile app currently start at $1.99 for 100 gold. Users can buy up to 2,750 gold for $49.99. The company has also added some safeguards to the reward system, such as disabling rewards in subreddits that are not suitable for the workplace, trauma and addiction support subreddits, and subreddits containing mature content. In addition, users will be able to report rewards to avoid them being used for deletion by administrators.
Earlier in October last year, it was reported that Reddit closed its blockchain-based community points program, and Reddit community tokens plummeted across the board.