Kraken’s Listing of Reddit Community Tokens Sparks Surge in Value

8:40 pm
August 8, 2023

Popular cryptocurrency exchange Kraken recently announced the listing of two Reddit community tokens, r/FortNiteBR Bricks (BRICK) and r/CryptoCurrency Moons (MOON), for spot trading and long-term futures. This news has resulted in a significant surge in the value of both tokens, with BRICK experiencing a 443% increase and MOON seeing a 48% surge in value. Kraken users can currently deposit these tokens through the Arbitrum Nova network.

Exploring Reddit Community Cryptocurrencies

Reddit first introduced its own cryptocurrencies in 2021, following a successful beta test in 2020. These tokens are part of the Reddit Community Points (RCP) initiative, designed to incentivize content production on the platform. Notably, when Reddit users exchange their community tokens for rewards, Reddit covers the gas fees associated with the transactions. Token holders also have the opportunity to participate in governance proposals aimed at introducing new functionalities to the tokens.

The two main Reddit Community tokens currently in circulation are r/FortNiteBR Bricks (BRICK) and r/CryptoCurrency Moons (MOON).

MOON is a community token specific to the Reddit subreddit r/CryptoCurrency. It functions as a reward system for users’ comments and posts. Additionally, MOON tokens can be traded for emojis and badges for use within the subreddit. Holders of MOON are also granted voting rights in polls organized by the r/CryptoCurrency community.

On the other hand, BRICK is a community token developed for the Battle Royale Game subreddit r/FortNiteBR. Users are awarded bricks based on their Karma (reputation points) every four weeks. These bricks are stored in Reddit’s native cryptocurrency wallet, Reddit Vault, and can be exchanged for exclusive memberships and unlocked features within r/FortNiteBR.

The decision to list these Reddit community tokens on Kraken can be attributed to their recent impressive performance and popularity within the cryptocurrency market.

FAQs

1. What are r/FortNiteBR Bricks (BRICK) and r/CryptoCurrency Moons (MOON)?

r/FortNiteBR Bricks (BRICK) and r/CryptoCurrency Moons (MOON) are community tokens developed by Reddit. BRICK is specific to the r/FortNiteBR subreddit and is earned based on users’ Karma. MOON is associated with the r/CryptoCurrency subreddit and is awarded to users for their comments and posts.

2. How can I trade or obtain these tokens?

Currently, these tokens can be traded on Kraken, a popular cryptocurrency exchange. Additionally, users can earn these tokens by participating in the respective Reddit communities and meeting certain criteria set by each subreddit.

3. What can the tokens be used for?

BRICK and MOON tokens can be used within their respective Reddit communities to access exclusive memberships, unlock features, trade for emojis and badges, and participate in governance proposals.

Summary

Kraken’s recent listing of Reddit community tokens, r/FortNiteBR Bricks (BRICK) and r/CryptoCurrency Moons (MOON), has generated a surge in the value of these tokens. These tokens were created as part of Reddit’s Community Points initiative to incentivize content production on the platform. BRICK is associated with the r/FortNiteBR subreddit, while MOON is specific to the r/CryptoCurrency subreddit. This listing on Kraken provides users with the opportunity to trade and invest in these popular Reddit community tokens.


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