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Token price soars as Reddit updates terms of service

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A change in Reddit’s Terms of Service has sparked conversations about the future of the MOON and BRICK tokens which are rewards to users of the social media platform. According to a report, while the Terms of Service of Reddit were changed, as late as May 2023, to allow the trading of virtual assets such as the MOON and BRICK, the news just became public, further leading to an increase in the value of both tokens in a short time.

In 2018, Reddit introduced Community Points as an experimental feature on some of its communities or subreddits to incentivize user participation and contribution. The points are ERC-20 tokens. Each subreddit can have its unique name for the points, such as “MOON” in the case of the subreddit r/CryptoCurrency.

Community Points are distributed to users based on their engagement within a specific subreddit. This includes activities such as posting, commenting, upvoting, and receiving upvotes. The more active and engaged a user is, the more points they can accumulate.

These points can be utilized by users for various purposes within the subreddit community. For instance, users may use their points to purchase special community features, access exclusive content, or participate in polls. 

The specific use cases and functionalities of Community Points may vary across different subreddits. Additionally, BRICK is another crypto-based token on Reddit that is associated with the r/Fortnite subreddit.

Kraken interested in BRICKS and MOON

Bobby Ong, the co-founder of CoinGecko, highlighted that the speculation regarding changes in terms resulted in a surge in the market value of BRICKS and MOON tokens. Although no official announcements have been made yet, Redditors anticipate further updates from Reddit.

Ong also explained that while community points have always been tradable, it has been inconvenient to trade them within the Reddit app. Users would need to export their private keys from the Reddit wallet and import them into a crypto wallet to facilitate trading on an Arbitrum Nova DEX.

In response to the community’s excitement, Kraken hinted that it may consider listing Moon on its exchange. Currently, Moon is traded on MEXC, Gate.io, SushiSwap, and RCP Swap. This has sparked further speculation about potential listings of the tokens on other exchanges in the future.

Read also; FCA Law Classifies crypto memes as financial promotions

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