Reddit are building their own metaverse

Liam Herbst, a blockchain analyst, reports that against the backdrop of a record increase in the cost of non-fungible Reddit tokens, the latter are thinking about creating their own metaverse and are already working on this issue. It will have to be called Redditverse. According to him, NFT social network avatars are special tools that help the company develop their own metaverse, and in this way they want to transfer their forum to the virtual world.

Liam said that each separate community will be a separate virtual world with its own characteristics. Some of them may even have a special type of encryption.

The analyst could not get past the fact that in 2020 Reddit introduced a cryptocurrency reward system. For special achievements, forum members received points called Reddit Community Points, which allowed them to have their share in the community to which they belong. In addition, different communities can independently generate these same Reddit Community Points and issue them to the most active participants.

What do these points give the most active guests of the Reddit forum? Owners of Reddit Community Points can unlock some exclusive features such as special memberships, as well as unlock content with tokens. Forum guests could also spend their Reddit Community Points on voting on particularly important decisions, as is customary in various DAOs (decentralized autonomous organizations).

Liam Herbst notes the likelihood of Reddit avatars helping to take the Redditverse to new heights. He came to this conclusion after the free distribution of Reddit avatars to especially active forum participants. According to him, avatars from the Free 2 Own collection can help users show their unique interests, and the usefulness and recognition of avatars can increase as they are adopted.

Herbst believes that the growth of interest in NFT Reddit may open up new systems for the company, and the latter will be able to later enter other ecosystems and collaborate with existing large and promising meta-universes like The Sandbox or Decentraland.

Earlier, we talked about the fact that one of the largest software companies, Microsoft, is engaged in similar methods for the development of the metaverse. The latter want to bring something new to Web 3.0 technology and become part of this future.