Now Reddit Community Points Can Convert into Gas Fees for On-Chain Transactions with FTX Pay

Reddit community platform users can now pay their Ethereum gas fees with FTX Pay. Reddit users gather community points, which are visible alongside their profile usernames. With FTX Pay integration, anyone eligible for this system can pay gas fees with Reddit’s Community Points tokens via fiat currency. 

Reddit Community Tokens are Based on Arbitrum Nova Blockchain

Reddit unveiled community point tokens to reward users for bringing higher engagement to the platform. This also inspired members to generate better content and give rewards. With FTX Pay coming into the picture, users will find it easier to pay gas fees for conducting on-chain transactions. 

Head of FTX Ventures, Amy Wu, said, “Users need Eth for gas fees to transact with their Community Points on-chain, and FTX Pay allows them to do that.”

 At present, only two Subreddits are compatible within this system, r/CryptoCurrency, and r/FortnightBR subreddits. The integration will work on Reddit communities in the US, EU, Australia, and selected global markets. 

The use case of the Reddit community points does not stop here. As the points are based on the Arbitrum Nova blockchain, other users having access to the points can build their additional utility. 

To this, the CEO of Offchain Labs says, “It’s not just Reddit launching Community Points. Others can tap into that. For example, a game developer can go ahead and say, ‘I’m launching a game, and the currency in my game are these Reddit Community Points.'”

Use and Burn Mechanism Makes the Process Simpler

Users gather points on Reddit, and these points can be used for on-chain transactions. But the users are not allowed to sell the tokens in any form. Plus, when Reddit community member uses the points, they will be burned. This renders them out of circulation.

Besides this mechanism, Reddit also launched an NFT marketplace. With this move, Reddit is taking another step forward in the blockchain ecosystem and bringing benefits to its community. 

About Reddit

Reddit is a social news aggregation and content-sharing platform amassing over 400 million users globally. The users here can share news, hold discussions, and submit content. As they do so, users will earn points, which can also become a sign of recognition and status on the platform. While a person posts content, others can engage with it by voting up or down.