Social news platform Reddit has announced it will discontinue its Community Points beta and Special Memberships features effective in November. It said the decision to end the feature stemmed from finding “no path to scaling it broadly across the platform.”
Reddit is refocusing its investments towards products that serve a wider demographic, indicating a strategic pivot. Even so, the company is not entirely abandoning the core concepts of the community points. However, it announced that it will redirect resources to explore better ways of empowering and engaging communities, including developing products that tie in with the initial aims of the community points program.
The Community Points program aimed to empower communities and contributors but faced hurdles due to scalability issues and the current regulatory landscape. While it acknowledged the significant support from communities and moderators that contributed to the program’s evolution, it ultimately found that these two obstacles warranted a redirection.
Some tokens spun off from Reddit’s Community Points tools include MOONs and BRICKs (MOONs being a token associated with the /r/Cryptocurrency subreddit, which BRICKs is affiliated with /r/FortniteBR. Both enjoyed some popularity as meme tokens in 2023, especially on their Kraken listing in August.
Community Points was not Reddit’s first foray into web3; the social news aggregator has rolled out several ambitious projects over the last year. Indeed, in Oct. 2022, DappRadar pinned Reddit as the gateway platform for onboarding new web3 users. This view, however, seems not to have taken the scalability problem sufficiently into account.
The post Reddit ends Community Points; says there’s ‘no path to scaling it’ appeared first on CryptoSlate.
Credit: Source link
