Summary of Reddit NFTs are about to get even crazier

00:00:00 - 00:10:00

In the video, the Redditor explains how Reddit is planning to compete with other social media networks by introducing NFTs, or "cryptocurrencies." He goes on to discuss how these avatars, called "nfts," are a successful way to get users to create wallets and interact with the network. Knight Taco also mentions that Reddit's ambition extends beyond avatars, and the company has plans for other verticals, including nfts and community points.

• 00:00:00 In this video, Redditor /u/knight_taco explains how Reddit's recent push into crypto and nfts is a strategic move to compete with social media platforms. He goes on to discuss how avatars, called "nfts," are a successful way to get users to create wallets and interact with the network. Knight Taco also mentions that Reddit's ambition extends beyond avatars, and the company has plans for other verticals, including nfts and community points.
• 00:05:00 The video discusses how Reddit's new NFTs, or "cryptocurrencies," are going to become even more involved in the site's overall community dynamics. The presenter points out that while Reddit has been using karma as a system for rewarding contributors for a while now, there are several problems with it. One issue is that it's a Reddit-wide currency, and another is that the system lives on a private database. Tokenized communities, or applications that use tokens to enhance the power of communities, are seen as a more viable solution to these problems.
• 00:10:00 Reddit is introducing "Community Points" which are essentially a form of "Karma" on the blockchain. This is in response to Token Community, a rival token ecosystem, which is growing in popularity. Some Reddit communities have already started using Community Points to reward members, and the value of Reddit's avatars could soon skyrocket.