The "Community Points" reward pieces that ran on cryptocurrency are being taken away by Reddit. When they were first introduced three years ago, the tokens were meant to thank Reddit users for making useful contributions to the social media site. However, the site plans to get rid of them completely by November 8, as TechCrunch first reported.
Originally issued on Ethereum, Reddit's Community Points have since been migrated to the faster and more scalable Arbitrum Nova network. Reddit features like badges, emotes, and GIFs may be purchased using the tokens.
The values of MOON and BRICK have plummeted as holders dumped their holdings. The r/Cryptocurrency subreddit's MOON token is down 84% today to $0.035, while the r/FortniteBR token is down approximately 59% over the past 24 hours to $0.041, as measured by CoinGecko.
Although Reddit is pulling back on several blockchain initiatives, it appears that NFT avatars will continue to exist there for the time being.
