Crypto Communities on Reddit Vanishing; Temporary or Permanent?

Crypto Communities on Reddit Vanishing; Temporary or Permanent?
Several Reddit sub-communities, including well-known crypto sub-communities, unanimously decided to go private for 48 hours. The decision to take this action was made in opposition to recently put into effect company policies that limit the use of third-party applications.

Reddit revealed its plans to update the Reddit Data application programming interface (API) over the month of April. The development of tools and utilities by developers for a variety of uses, such as moderation tasks, is made easier by this seven-year-old API.

Reddit's choice to create internal moderator tools received feedback from the majority of subreddits, which has an immediate impact on the community's capacity to use third-party tools primarily made for content and interaction moderating. 

As a gesture of protest against the impending change, numerous communities opted to either become private or convert to read-only modes from June 12 to June 14.

Approximately 3,500 subreddits were predicted to be impacted by the protest, but this number may increase if more communities decide to join the uprising. Reddit CEO Steve Huffman, on the other hand, backed the platform's choice and emphasized the significance of developing a self-sustaining revenue model.

Reddit has stated its intention to roll out mobile moderator capabilities for Reddit's iOS and Android applications in the coming months in an effort to lessen reliance on other moderator solutions. Native solutions that are built into the platform itself are the goal of this endeavor.

Reddit has made considerable strides in terms of collectible avatar adoption on its site, despite the current community pushback. Reddit NFTs have successfully attracted 10 million users who have acquired these collectible avatars in just one year since the platform's introduction. This accomplishment shows the NFT offerings on Reddit have experienced substantial development and engagement.

In July 2022, Reddit launched its collectible avatar marketplace on the Ethereum layer-2 scaling network Polygon to improve it. Independent artists and Redditors have been given the opportunity to participate thanks to this integration, which has made it possible for individuals to design and construct their own collections of non-fungible tokens (NFTs). The change has increased the ecosystem's decentralized nature and innovative options for collecting avatars on Reddit.


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