Kraken Listing Sparks Explosive Growth in Reddit Community Tokens


Kraken recently announced the listing of two tokens, MOON and BRICK, created by social media users on subreddits r/CryptoCurrency and r/FortNiteBR respectively. MOON has a fully diluted value of $44.3 million and BRICK has a fully diluted value of $17.0 million. As of publication, users could only deposit two tokens through the Arbitrum Nova network.

MOON was created as a token of community for the subreddit r/CryptoCurrency. Tokens are given as rewards for users’ comments and posts and can be exchanged for badges and emojis. The Token also grants voting right for r/CryptoCurrency polls. BRICK is a community token created for the namesake battle royale game’s subreddit r/FortNiteBR. BRICK can be stored in Reddit’s native crypto wallet, Reddit Vault, and can be exchanged for special memberships or to unlock features in r/FortNiteBR.

The launch of the cryptocurrencies is part of the Reddit Community Points Initiative to encourage content production. Users can exchange their tokens with rewards and the transaction fee will be covered by the company. Token holders can also participate in governance initiatives that introduce new functionalities to tokens.

Since being listed on cryptocurrency exchanges, MOON and BRICK have grown by 48% and 443% respectively in the last week. The r/CryptoCurrency subreddit has 6.6 million members, while r/FortNiteBR only has 2.7 million.

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