Key Takeaways:
- The Reddit Community Points system is an experiment of rewarding users for their contributions to the platform based on blockchain technology.
- Both MOON and BRICK are parts of Reddit’s Community Points system. They are created to reward community contributions and have real use cases in the r/CryptoCurrency and r/FortNiteBR subreddits correspondingly.
- The surge in popularity of MOON and BRICK was likely driven by the updates of Reddit’s Terms of Use.
- Users can now buy MOON and BRICK in the Crypto.com App.
Introduction
What Are Reddit Community Points?
The Reddit Community Points system is an experiment of rewarding users for their contributions to the platform based on blockchain technology. Community Points are a type of digital token that can be earned by participating in certain subreddits and can be used to unlock special features or perks within those communities.
The system was first built on top of the Ethereum blockchain and then migrated to Arbitrum Nova, a Layer-2 scaling solution created in 2021 to address Ethereum’s scalability issues.
Community Points are stored in the Vault, an Ethereum wallet developed by Reddit, which is in the mobile app. In the Reddit Vault, users can check Community Points from multiple subreddits, transfer them to other users, and spend them.
What Is the MOON Token?
r/CryptoCurrency Moons (MOON) were introduced in May 2020 as part of the Community Points project on Reddit. Moons are ERC-20 tokens used to reward users for their contributions to the r/CryptoCurrency subreddit.
Users can earn Moons by creating posts or comments that receive upvotes from other users. The more upvotes a post or comment receives, the more Moons the user earns. Users can also earn Moons by participating in community polls and other activities.
As an ERC-20 token, it is interoperable with all types of Ethereum-based cryptocurrencies and independent of Reddit. Moons are managed by a suite of smart contracts, which are audited by a third-party security firm. The contracts handle balances, transfers, distribution, and purchasing a Special Membership.
Tokenomics
Moons are distributed monthly based on individual contributions (comments, posts, etc.) that people make in r/CryptoCurrency. Reddit karma provides a basis for measuring a user’s contribution, but the final decision is up to the community.
Initially, 50 million Moons will be distributed based on karma earned in the subreddit since the launch date. The amount distributed each following month will start at 5 million and decrease by 2.5% every cycle, so the number of Moons distributed over time will grow at 1% a year.
MOON Use Cases
Moons can be used to buy special membership badges on the r/CryptoCurrency subreddit, which provide various benefits like access to exclusive content and features. They can also be traded on various cryptocurrency exchanges and used to purchase goods and services in the real world.
In addition, Moons can be traded, tipped, or spent in the community. Use cases of Moons include purchasing the r/CryptoCurrency Membership, which enables embedding of GIF images in comments, special emotes, and custom flairs for the username. Furthermore, Moons can be utilised to rent the banner space for advertising on r/CryptoCurrency.
Moons can also be used for voting on governance polls on the subreddit, which can influence how the community is governed and the future distribution of Moons. A user’s voting weight is determined by their amount of earned Moons.
Other use cases of Moons include hosting AMAs and giveaways in r/CryptoCurrency. However, Moons would have to be burned in order to be eligible to host the events. Finally, Moons can also be redeemed for Reddit coins, which can only be used within the r/CryptoCurrency subreddit.
What Is the BRICK Token?
r/FortNiteBR Bricks (BRICK) are the Community Points for the subreddit r/FortNiteBR issued by Reddit and dedicated to the game Fortnite Battle Royale by Epic Games.
The Fortnite game is a popular free-to-play battle royale game, where a hundred players skydive onto an island and scavenge for weapons and gear to defend themselves from other players. Bricks reward Reddit users for their contributions, such as posts and comments, on the r/FortNiteBR subreddit.
Tokenomics
Bricks have a circulating supply of approximately 111 million at the time of writing. Similar to Moons, Bricks are ERC-20 tokens which can be stored in Reddit’s Ethereum-based wallet, the Reddit Vault.
Bricks are distributed every four weeks, and the amount received is based on the amount of karma points each user in the community has earned during the period. A distribution proposal will be made public one week prior to the distribution, and the community can review the list and propose changes if desired. After the distribution is finalised, Bricks are automatically sent to the eligible users via the Reddit Vault.
BRICK Use Cases
The use cases of Bricks are similar to that of Moons. Bricks can be used to purchase a Special Membership to unlock exclusive features like badges and the ability to embed GIFs in comments. Bricks can also be used to vote in governance polls and tip other users, as well as converted to r/FortNiteBR coins, which can then be used by users to award their favourite posts or comments.
Why MOON and BRICK Are So Popular
The surge in popularity of MOON and BRICK in July 2023 was likely driven by the update of Reddit’s Terms of Use, which permits the trading of tokenised Community Points. While no concrete changes have been announced for Community Points, many in the community speculate they will receive more focus from Reddit going forward. It is this speculation that has led to the recent surge in value for tokens like MOON and BRICK.
In addition, the subreddits r/CryptoCurrency and r/FortNiteBR are highly popular, with over 6.6 million and 2.6 million members, respectively. Coupled with the use cases of these tokens, such as purchasing Special Memberships and coins, demand for the tokens has risen in the respective communities.
How to Buy MOON and BRICK With Crypto.com
The Crypto.com App, which supports over 250 popular cryptocurrencies, makes buying and storing Moons and Bricks simple and convenient. Users can start buying them following a quick verification process (varies by jurisdiction).
It takes only a few steps to purchase:
- Download the Crypto.com App.
- Create an account and follow the onboarding process.
- Fund the account through any of the payment methods offered, including credit card and bank transfer.
- Once enough funds are available in the account, tap ‘Buy’ and select MOON or BRICK.
- Review transaction details and confirm the purchase.
Additionally, the Crypto.com App is a secure, easy-to-use wallet for storing Moons, Bricks, and other cryptocurrencies. Buy Moons and Bricks with Crypto.com.
Conclusion
Moons and Bricks are native tokens of the popular r/CryptoCurrency and r/FortNiteBR communities and have real use cases in their respective subreddits. The recent changes in Reddit’s Terms of Use, which allows for the trading of Reddit’s tokenised Community Points, have driven a surge of interest in Moons and Bricks.
In conclusion, Moons and Bricks could be seen as pioneering examples of how blockchain-powered community rewards systems can encourage online interaction and collaboration. As Reddit’s community-driven cryptocurrency experiments, these tokens have shown an ability to foster engagement and incentivise meaningful contributions within the platform’s communities.
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