The native tokens of Reddit’s community, Moons (MOON) and Bricks (BRICK), have experienced significant price gains this week after Reddit announced changes to its terms of service.
Reddit updated its terms of service, permitting users to earn, buy, or sell digital assets that can be cryptographically verified. The change was made in May 2023. But only recently became publicly known, causing a rapid appreciation in the value of both tokens. In order to understand what are these reddit coins are we need to go a little back in time.
Timeline of Reddit’s Digital Assets
Back in 2018, Reddit introduced Community Points as an experimental feature in certain communities, like subreddits, to encourage user participation and contributions. These points are ERC-20 tokens and are known by unique names in each subreddit, such as “MOON” in the r/CryptoCurrency community.
Coingecko article on @Reddit NFTs and community points tokens such as $MOON and $BRICK, everyone is bullish on Reddit #crypto projects. @coingecko @CCMOD_ @unofficalMoons #ArbitrumNova #Reddit $moonshttps://t.co/4p0hUudKsT
— PipitaTG (@PipitaTG) November 12, 2022
Community Points are distributed to users based on their engagement within a specific subreddit, including activities like posting, commenting, upvoting, and receiving upvotes. The more active and engaged a user is, the more points they can accumulate.
Within the subreddit community, users can use these points for various purposes, such as purchasing special features, accessing exclusive content, or participating in polls. The specific functionalities of Community Points may differ across different subreddits. Additionally, BRICK is another crypto-based Reddit token associated with the r/Fortnite subreddit.
What are MOON and BRICKS?
Moons and Bricks are tokens associated with specific Reddit communities. So, Moons are ERC-20 tokens awarded by Reddit to users for their contributions in the r/CryptoCurrency subreddit, given as rewards for posts and comments. These tokens can be traded, tipped, or used within the community and are stored in Reddit’s Ethereum-based wallet called Vault. Reddit Moons tokens were launched on Arbitrum Nova by Reddit administrators in 2020 as part of their community points program.
On the other hand, Bricks token is a reward for contributions in the r/Fortnite subreddit. Recently, Bricks saw a significant increase of 657% in just two days, surging from $0.005 to $0.052.
Moons are stored in a user’s Vault, the Ethereum-based digital wallet rolled out Reddit-wide last year.
.@Reddit‘s MOON token has surged 170% in the last few days. The rally comes days after a Reddit post speculated that changes in the social media giants’ terms of service would make community token trading easier. By @godbole17.https://t.co/MkIjE1tt1t
— CoinDesk (@CoinDesk) July 18, 2023
Reason for the Price Pump
1) Kraken interested in BRICKS and MOON? (Just a Rumor)
Over the weekend, a post gaining traction in the r/CryptoCurrency subreddit claimed that Reddit had updated its terms of service, permitting the trading of verified virtual goods, including avatars and Reddit’s community points.
Interesting changes to Reddit TOS.
Clear separation between Virtual Goods (web2) and Verified Virtual Goods (web3).
• Coins ❌
• Awards ❌
Coins and Awards to be canceled soon.
Verified Virtual Goods:
• Collectible Avatars
• Community Points
— r/Cryptocurrency MOONs (@unofficalMoons) July 16, 2023
The community’s enthusiasm prompted Kraken, a cryptocurrency exchange, to suggest that it might potentially list Moon, Reddit’s native community point, on its platform. Moon is already being traded on platforms like MEXC, , SushiSwap, and RCP Swap. However, Kraken has since clarified that it currently has no plans or intentions to list Moon on its exchange.
2) Bobby Ong, the Co-founder of Coingecko Viewpoint on This
Bobby Ong, the co-founder of CoinGecko, pointed out that the recent speculation surrounding changes in Reddit’s terms of service led to a significant surge in the market value of BRICKS and MOON tokens.
According to Ong, Reddit’s updated terms now explicitly permit the trading of Reddit’s tokenized Community Points, coinciding with the removal of non-tokenized Coins and Awards from the platform. Although Reddit has not officially announced any concrete changes for Community Points, the community is speculating that these tokens will receive more attention in the future. As a result, MOON and BRICK tokens have seen their values increase by over 300% during this week.
Ong also clarified that while community points have always been tradable, trading them within the Reddit app was inconvenient. Users had to export their private keys from the Reddit wallet and import them into a crypto wallet to facilitate trading on an Arbitrum Nova DEX.
I don’t see CT talking much about Reddit’s Community Points so I want to share some observations since the tokens increased by >100% yesterday.
There are 2 fungible tokens for r/cryptocurrency (MOON) and r/fortnite (BRICK) subreddits. Both are issued on Arbitrum Nova. pic.twitter.com/RlKL0kJQtP
— Bobby Ong (@bobbyong) July 18, 2023
Exciting News for Reddit Users
1) Crypto.com Adds Reddit’s Moons Token
Moons, the native token of cryptocurrency users on Reddit, is now listed on Crypto.com. This move has led to a significant surge in the token’s price for the second consecutive day.
According to Coingecko, Moons’ price has increased by an impressive 141% within 24 hours. While other exchanges like MEXC, SushiSwap, and RCP Swap already supported Moons, Crypto.com’s large size and reputation have further fueled optimism among Reddit users, making them particularly bullish about the token’s future prospects.
— Crypto.com (@cryptocom) July 18, 2023
Is Reddit Actually Moving Away From WEB2 Coins to WEB3 Coins?
Reddit’s Transition to Web3 Tokens:
The updated terms of service for Reddit strongly suggest a significant shift from Web2 to Web3, as the new TOS hints at phasing out regular virtual goods (Web2) in favor of Verified Virtual Goods (Web3). This distinction is apparent as Reddit is moving away from using the term “non-fungible tokens” (NFTs) and instead adopts the term “digital collectibles” to describe a part of the verified virtual goods.
With this Web3 approach, users will have the ability to trade and sell various blockchain-based add-ons, such as Reddit avatars, Community Points, and wearables, on marketplaces and exchanges. This shift indicates Reddit’s willingness to embrace blockchain technology and further integrate decentralized features into its platform, providing users with more ownership and control over their digital assets.
The recently updated terms of service for Reddit suggest a highly-anticipated switch from Web2 to Web3—the new TOS hints at discontinuing regular virtual goods like non-blockchain coins and awards. There is a clear separation between Virtual Goods (Web2) and Verified Virtual Goods (Web3).
Is Moon actually a Reddit token?
Yes, that’s correct. Moons are indeed Reddit’s ERC-20 tokens that were introduced by Reddit administrators in 2018. This was as part of their community points program. These tokens are built on the Arbitrum Nova blockchain, allowing Reddit users to earn and use them within the platform based on their contributions and engagement in various communities.
Can one really get Moon or Bricks by just interacting with Reddit’s threads? If not then how can one get Moon? Yes, Reddit users can earn Moons and Bricks by interacting with Reddit’s threads in specific subreddits. Let’s break down the process for each token:
- Moons (Reddit’s Community Points): Moons are earned through contributions and engagement in certain subreddits. Users can receive Moons for activities such as posting content, receiving upvotes on their posts and comments. Also in participating in discussions. The more active and positively received their contributions are, the more Moons they can accumulate.
- Bricks (Reddit’s Community Points on r/FortNiteBR): Bricks are another type of community point specific to the r/FortNiteBR subreddit. Similar to Moons, users can earn Bricks by participating in the subreddit, posting, commenting, and receiving upvotes on their content.
The @Reddit Community Points have been blazing some long green candles over the last few days 🕯️🕯️🕯️
Holding some Moons or Bricks in your Reddit Vault? Fun fact: They (and any other Arbitrum token) can be held in your Exodus wallet! pic.twitter.com/3N6EhrlT3Q
— Exodus – Crypto Wallet (@exodus_io) July 19, 2023
Points to Note
It’s important to note that the availability of these tokens varies depending on the specific subreddits. As not all subreddits have implemented the Community Points program. Additionally, the number of tokens earned may change over time based on Reddit’s policies and adjustments. Made by the subreddit’s moderators.
Once users have earned these tokens, they can view their token balance on their Reddit profile. You can use them within the Reddit ecosystem for various purposes, such as tipping other users or accessing exclusive features. Furthermore, these tokens can be traded on certain decentralized exchanges (DEXs) outside of Reddit’s platform. As mentioned in previous news reports.
Out of the Two Which One Is a Better Investment?
People preferred MOON more.
Here are their opinions:
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